Top 10 U.S. states by total sports betting handle for Sept. 2025: New York: $2.29b Illinois: $1.4b New Jersey: $1.1b Ohio: $967.4m Arizona: $851m PA: $850.5m Massachusetts: $800m Nevada: $791.6m Virginia: $737m North Carolina: $686m

The New York Racing Association recently voiced its support for allowing Fixed Odds products on horse racing events. Despite enthusiasm from some in the industry, fixed-odds legislation in the New York legislature has stalled since its introduction recently.

Prediction market operator Kalshi has reportedly closed a $1b funding round, which values the company at $11b. Two months ago, the operator secured $300m at a $5b valuation.

Our November newsletter looks at how Same Game Parlays changed the game. For bettors, they offer lottery style payout potential and for bookies, they deliver margins above 20%. We cover the origins of SGPs, future opportunities, and more. waterhousevc.com/news-archive/n…

Running YTD online sports betting: Top 10 states by handle. New York $21.3b Illinois $10.9b New Jersey $9.8b Pennsylvania $7b Ohio $7b Massachusetts $6.7b Arizona $6.3b North Carolina $5.7b Nevada $5.6b Virginia $5.3b (Source Chris Altruda)

Our November newsletter looks at how Same Game Parlays changed the game. For bettors, they offer lottery style payout potential and for bookies, they deliver margins above 20%. We cover the origins of SGPs, future opportunities, and more. waterhousevc.com/news-archive/n…

The South African government has proposed a tax amendment. The new proposed tax rate of 20% GGY would apply to sports and horse racing betting and would also include revenues from iGaming, which is currently illegal under South Africa’s gambling framework.

The first iGaming site in the UAE has gone live, with Play971 launching last week. It is currently in a field-trial, soft-launch phase. Suppliers for Play971 include OneTouch (a subsidiary of Yolo Group), Xpoint, and sports data specialist Sportradar.

The New York State Gaming Commission has reported the betting data for the week ending Nov. 23. Handle was $537.5m, GGR was $59.3m on a 11% hold. -FanDuel held $209m with GGR $28.4m on a 13.5% hold. -DraftKings held $180.9m with GGR $18.2m

Are you a start up in the wagering industry looking for funding or investment? We have a Pitch Us portal for ambitious companies in the wagering space. Submit your pitch here: waterhousevc.com/pitch

Robinhood and Susquehanna International Group have agreed to a deal to acquire LedgerX from Miami International Holdings and launch a futures and derivatives exchange and clearinghouse.

Post-PASPA, top 10 sports betting states by handle. New York $79.8b New Jersey $68.3b Illinois $55.2b Nevada $51.2b Pennsylvania $42b Arizona $28.6b Colorado $26.4b Virginia $25.9b Indiana $24.5b Ohio $23.6b (Source Chris Altruda)

Kambi Group and PENN Entertainment have agreed to an extension of their partnership through 31 July 2027. The agreement sees Kambi supporting a total of 30 PENN properties across 13 states with its sportsbook solution.

Missouri sports betting went live at 12:01 a.m. on Monday. Online and retail sportsbooks are officially open for wagering. Missouri is the 39th U.S. state to operate sports betting. Eight online operators launched, including FanDuel, Bet365 and DraftKings.

Our November newsletter looks at how Same Game Parlays changed the game. For bettors, they offer lottery style payout potential and for bookies, they deliver margins above 20%. We cover the origins of SGPs, future opportunities, and more. waterhousevc.com/news-archive/n…

AUSBIZ | Tom Waterhouse was recently on ausbiz with Andrew Geoghegan. They discussed the UK Treasury’s recent increase in taxes on online wagering, Australia’s grey market, and Tom’s expectations for 2026 in the wagering space.

France’s gambling regulator the Autorité Nationale des Jeux (ANJ) has approved France’s heritage horseracing tote Pari Mutuel Urbain (PMU) sports betting software client and API from the Swedish sportsbook provider Kambi for the French online sports betting market.

Are you a start up in the wagering industry looking for funding or investment? We have a Pitch Us portal for ambitious companies in the wagering space. Submit your pitch here: waterhousevc.com/pitch