Prospects for traditional sports books in a prediction-market world are mixed, according to legal expert Daniel Wallach. His view was described as that online sports betting operators face a situation in which “the legal landscape remains uncertain, and that OSB operators … are left on the sidelines, with di minimis impact pending resolution.”
That summary was provided by Jefferies Equity Research analyst David Katz, in a 15 September investor note. It summarized an hour-long briefing Wallach gave to Jefferies and institutional investors that same day.
Wallach addressed the status and premises of multiple cases involving Kalshi, which has legal actions pending in state and federal courts. He generally found that the event-contract company held the early advantage.
