Pennsylvania Gaming Control Board Executive Director Kevin O’Toole has sent a letter to the state’s congressional representatives in the House and Senate about sports betting prediction markets and the “significant threat” they pose to the state’s gaming marketplace.
The Keystone State is a top 10 market nationally for monthly sports betting handle and one of just four in the post-PASPA era to surpass $40 billion in wagering. O’Toole’s statements put Pennsylvania on a growing list of states that are issuing warnings or are currently active in some sort of litigation against prediction markets offering sports wagering.
In his letter dated Oct. 3, O’Toole claims that since sports prediction markets “operate under the assertion that they are financial derivatives” and not subject to state gambling laws.
