{"id":79562,"date":"2026-10-15T19:36:53","date_gmt":"2026-10-15T19:36:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/betmgm-ceo-calls-cftc-casino-moves-cosmetics-expects-states-to-win\/"},"modified":"2026-10-15T19:36:53","modified_gmt":"2026-10-15T19:36:53","slug":"betmgm-ceo-calls-cftc-casino-moves-cosmetics-expects-states-to-win","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/betmgm-ceo-calls-cftc-casino-moves-cosmetics-expects-states-to-win\/","title":{"rendered":"BetMGM CEO Calls CFTC Casino Moves &#8216;Cosmetics&#8217;, Expects States to Win"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Greenblatt said the CFTC\u2019s casino exclusion has only \u201cstayed\u201d the risk from prediction markets.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">He expects the Supreme Court to side with states and tribes during its 2026-27 term.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p> <!-- --> <\/p>\n<h2 dir=\"ltr\">A Rule That Can Be Undone<\/h2>\n<p dir=\"ltr\">On BetMGM\u2019s third-quarter earnings call on Oct. 13, Greenblatt addressed the CFTC\u2019s Oct. 9 rule changes, including an interim final rule that <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9309-26\" target=\"_blank\" rel=\"noopener noreferrer\">codifies the agency\u2019s position<\/a> that \u201ccasino-style gambling products, including wagers placed on sportsbooks and casino games,\u201d fall outside the definition of a swap.<\/p>\n<p dir=\"ltr\">\u201c<a href=\"https:\/\/www.covers.com\/industry\/betmgm-ceo-expects-supreme-court-to-side-against-prediction-markets-october-13-2026\" target=\"_blank\" rel=\"noopener noreferrer\">I don\u2019t think it\u2019s no longer a risk<\/a>,\u201d Greenblatt said, according to Covers. \u201cI think if anything, the risk has been stayed for some time. I think what\u2019s happening now is cosmetics in pursuit of survival.\u201d<\/p>\n<p dir=\"ltr\">If prediction markets survive their legal challenges, he added, then \u201cit is just a matter of time before the casino-like products reemerge in some other incarnation,\u201d noting that rules made now \u201ccan be undone and changed in the future.\u201d<\/p>\n<p dir=\"ltr\">The rule takes effect once it is published in the Federal Register, which had not happened as of Thursday morning. The CFTC also proposed the same day to <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9310-26\" target=\"_blank\" rel=\"noopener noreferrer\">define sports, political, and other event contracts as swaps<\/a>, placing them within what Chairman Michael Selig called \u201cthe agency\u2019s exclusive jurisdiction.\u201d<\/p>\n<p dir=\"ltr\">Greenblatt said he expects the legal uncertainty to be settled by the Supreme Court, saying that most cases so far have gone in favor of states, attorneys general, and tribes. \u201cI think the key test is whether this was the intent of Congress, and I think that will be shown to not be the case,\u201d he said. He expects a ruling during the court\u2019s 2026-27 term, although the justices have not yet agreed to hear <a href=\"https:\/\/news.bitcoin.com\/igaming\/nfl-39-states-global-regulators-supreme-court-kalshi-case\/\">New Jersey\u2019s petition in its case against Kalshi<\/a>, in which Kalshi\u2019s response is due Nov. 9.<\/p>\n<p dir=\"ltr\">BetMGM reported Q3 net revenue of <a href=\"https:\/\/www.tradingview.com\/news\/reuters.com,2026-10-13:newsml_RSM7423Ya:0-reg-entain-plc-betmgm-q3-2026-update\/\" target=\"_blank\" rel=\"noopener noreferrer\">$710 million, up 7% from a year earlier<\/a>, and adjusted EBITDA of $86 million, up 112%, while average monthly active players fell 3%. Greenblatt said on the call that BetMGM is \u201creducing investment in certain lower-return, OSB-only markets,\u201d meaning states where it offers online sports betting but not online casino games, and putting more into iGaming, which brought in $483 million of the quarter\u2019s revenue. He told analysts the competitive environment \u201cremains intense, particularly due to investment by unregulated and illegal operators offering sports betting,\u201d InGame reported.<\/p>\n<p dir=\"ltr\">The results come as sports trading on prediction markets surges: <a href=\"https:\/\/news.bitcoin.com\/igaming\/prediction-markets-hit-68b-month-sportsbook-stocks-sink\/\">sports and combo volume on the exchanges rose about 72% to $68.2 billion<\/a> in the 30 days to Sept. 29, according to Aldrin Research data. In court, two federal appeals courts have sided with states since August, most recently the Sixth Circuit, which ruled on Sept. 25 that <a href=\"https:\/\/news.bitcoin.com\/igaming\/sixth-circuit-turns-kalshis-own-words-against-two-state-loss\/\">Ohio and Tennessee can enforce their gambling laws against Kalshi<\/a>.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/5-billion-nearly-identical-kalshi-trades-draw-cftc-scrutiny\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/5-billion-nearly-identical-kalshi-trades-draw-cftc-scrutiny\/\"><img alt=\"$5 Billion of Nearly Identical Kalshi Trades Draw CFTC Scrutiny\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2F5-billion-of-nearly-identical-kalshi-trades-draws-cftc-scrutiny-150x150.jpg&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Almost one million trades of nearly the same size have moved through a single Kalshi market since August, and federal\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/igaming\/betmgm-ceo-calls-cftc-casino-moves-cosmetics-expects-states-win\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Greenblatt said the CFTC\u2019s casino exclusion has only \u201cstayed\u201d the risk from prediction markets. He expects the Supreme Court to side with states and tribes during its 2026-27 term. A Rule That Can Be Undone On BetMGM\u2019s third-quarter earnings call on Oct. 13, Greenblatt addressed the [&hellip;]<\/p>\n","protected":false},"author":3947362403,"featured_media":79563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79562"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362403"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79562"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79563"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}