Company
FanDuel is a major U.S. online sports betting and gambling platform, owned by Flutter Entertainment, operating under state gaming licenses.
Heather Maurer resigned as head of the National Council on Problem Gambling in September after backlash over its $2 million deal with Kalshi. So far the council has paid for the deal, losing four state partners by Fortune's count, over a sum that is tiny next to Kalshi's valuation.
Reality
The NFL asked the Supreme Court to back New Jersey against Kalshi, saying NFL games drew $1.8 billion of the $3.3 billion traded on opening Sunday. A ruling for the states would put the contracts that made up most of that day's trading under state gambling law.
Perspective Coverage
11 publishersReality
Fifty-two percent of Gen Z investors moved money meant for investing into sports betting in the past year, a Betterment survey of 1,000 investors found. Bank of America's payment data puts what every generation recovers from sportsbooks each month below 75 cents on the dollar, so the diverted cash is a running cost.
Perspective Coverage
3 publishersReality
Sports contracts run above 80% of a market that went from $2bn in August 2025 to $38.5bn. Whether the justices take New Jersey's petition this fall will decide which compliance bill the industry pays.
Reality
Fullstory says 35% of bettors it polled use sportsbooks less because of prediction markets, CFTC-regulated venues that pay no state betting tax. DraftKings and FanDuel grew on a similar carve-out until states rewrote gambling law after 2015, and Kalshi's Illinois suit now contests that route.
Reality
Event contracts brought in $156m last quarter on 13.6 billion tickets, which is the arithmetic behind Robinhood buying equity in a contract supplier as well as listing its markets. OG.com's contracts go live on September 8.
Reality
Two academic papers put figures on where wager money comes from: net household investment down nearly 14% after legalisation, and credit stress showing up in the lending data.
Reality