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“We’re calling on the Supreme Court to resolve this issue and recognise that Congress did not silently make the sports-betting industry immune from state law,” Davenport said in a statement.

New Jersey stakeholders are no stranger to the importance of a Supreme Court review. The state lost every case in the lead-up to the PASPA repeal, except for the one that mattered most in the end, and it could be the same in this matter as Kalshi has prevailed thus far in state court and the Third Circuit. Davenport’s petition cites that fateful PASPA ruling in its introduction.

“Just eight years ago, this court reiterated that ‘each state is free to act on its own’ in regulating sports betting,” the petition says. “But Kalshi has a different view. Kalshi bills itself as ‘the first app for legal sports betting in all 50 states’ and believes it can offer that legal sports betting without following the sports-gambling laws of any of those 50 states.”

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Troubles continued as it faced declining growth within its digital business. Reports of failed integrations amid a frenzy of acquisitions further dampened Entain’s reputation and the operator subsequently committed to a major turnaround effort to cut costs and return its digital business to growth.

Efforts to update its legacy tech were also set in motion, and short-lived CEO Gavin Isaacs told iGB at ICE in January 2025 that his biggest challenge in the role was to modernise its core platform.

The operator declined to comment on losing its spot in the FTSE 100, but recent sentiment from the senior management team has been positive in recent quarters as its turnaround efforts have shown green shoots amid growth returning to its core markets. This is despite various regulatory and tax headwinds across Europe.

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As for the regulatory outlooks for the ETFs, the SEC hasn’t publicly commented on the NHL funds’ fates and it’s too early to tell what will come of the MLB filings, but there are hundreds of futures-based ETFs on the market today.

That may be a sign that pro sports futures ETFs could avoid the “novel” label that’s been a hindrance in bringing other ETFs to market.

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