A federal appeals court decision on prediction markets, several sweepstakes bans, and key online casino votes are set to drive the U.S. gambling agenda this week. Lawmakers and regulators are moving on multiple fronts at once, compressing several high-impact decisions into a short window.
States are weighing new restrictions on sweepstakes and prediction markets even as others debate online casino legalization and mobile sports betting. At the same time, major operators are reporting earnings, giving the market fresh signals on performance and strategy.
Ninth Circuit ruling could define the Kalshi fight
The most immediate development is expected from the Ninth Circuit, which is reviewing an emergency stay request tied to Nevada’s enforcement effort against Kalshi. The exchange is asking the court to pause state action while its appeal proceeds.
The decision will determine whether Nevada can move forward with a civil enforcement case. State officials have indicated they are prepared to file quickly if the stay is denied.
A denial could lead to a temporary restraining order request aimed at halting operations in the state. Similar pressure has already forced other prediction market platforms to exit or restrict activity in certain jurisdictions.
Sweepstake bans advance in several states
Lawmakers in multiple states are pushing bills that would classify online sweepstakes casinos as illegal gambling. The proposals are moving through committees and floor calendars this week.
In Tennessee, companion bills would define sweepstakes platforms using virtual currency and casino-style mechanics as unlawful. The language would extend liability to vendors, partners, and other intermediaries tied to the platforms.
Maine lawmakers are set to revisit a proposal that would prohibit online sweepstakes games after earlier hearings drew support from regulators and licensed operators. Indiana is advancing a bill with sweepstakes restrictions through the Senate, while Florida has a measure targeting illegal online gambling moving to the House floor.
Virginia iGaming and other expansion efforts
Virginia remains a key question for states still on the fence. Lawmakers are weighing online casino bills in both chambers, with the House version already moving to the floor after amendments.
The Senate has passed several gambling measures but has not yet voted on its iGaming proposal. The timing and outcome of those votes will determine whether the state becomes the next online casino market.
Elsewhere, South Dakota lawmakers are reviewing a proposal that would allow statewide mobile sports betting. In Wisconsin, tribal leaders are again pressing lawmakers to revive stalled online sports betting efforts.
Earnings calls add a market signal
Several major operators are reporting earnings this week, adding a corporate backdrop to the policy activity. Caesars and Rush Street Interactive are both scheduled to release results.
Analysts will be watching Las Vegas performance, state tax changes, and any commentary on prediction markets or sweepstakes pressure. Gaming and Leisure Properties will report later in the week, with attention on real estate performance and capital allocation.
A compressed week across courts, capitols, and balance sheets
The combination of a federal court decision, multiple state bills, and earnings commentary makes this a concentrated week for U.S. gambling policy and strategy. Each development touches a different part of the market, from emerging prediction products to traditional casino expansion.
Together, the outcomes will offer a clearer signal on how regulators, lawmakers, and operators are positioning for the next phase of the U.S. gambling landscape.
