Michigan Warns Sportsbooks on Prediction Markets
HighlightsÂ
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The Michigan Gaming Control Board is the latest to join the list of state regulatory bodies opposing sportsbooks entertaining prediction markets.
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The State’s gambling governing bodies target sportsbook operators venturing into the prediction market.Â
The Michigan Gaming Control Board recently sent a memo to gambling operators against their involvement in the prediction market. The memo clearly mentions that sportsbook operators could lose their license if they are looking to bid on sports event contracts offered by a prediction market. Â
Interestingly, other state regulators, including the Ohio Casino Control Commission and the Arizona Department of iGaming.Â
The memo states, “The MGCB writes to make you aware that any involvement in the offering of sporting event contracts, directly or via an affiliate, key person, related business entity, or other association, will have implications relative to your licensure in Michigan.”
Some prediction markets have already begun to offer sports event contracts. The Michigan Gaming Control Board is formulating new licensing qualifications, standards and procedures to test operators’ eligibility for a license, which is done on an initial application and ongoing basis.
These strong measures are undertaken to curb the growth of the prediction market in the state, prioritizing public welfare.Â
For more details, Refer Here!
Interestingly, other state regulators, including the Ohio Casino Control Commission and the Arizona Department of iGaming.Â
The memo states, “The MGCB writes to make you aware that any involvement in the offering of sporting event contracts, directly or via an affiliate, key person, related business entity, or other association, will have implications relative to your licensure in Michigan.”
Some prediction markets have already begun to offer sports event contracts. The Michigan Gaming Control Board is formulating new licensing qualifications, standards and procedures to test operators’ eligibility for a license, which is done on an initial application and ongoing basis.
These strong measures are undertaken to curb the growth of the prediction market in the state, prioritizing public welfare.Â
For more details, Refer Here!
