US gaming regulation and the rise of prediction markets, with lobbyist Bill Pascrell III

Bill Pascrell III, known as BP3, is a partner at Princeton Public Affairs Group, the legal lobbying firm where he started the gaming practice. In this iGaming Accent episode, recorded after SBC Americas, he covers how US online gambling was legalised, prediction markets and what regulators should do next.

In this episode

• Pascrell says he lobbies in all 50 US states and has more than 60 gaming clients, including operators, affiliates, payment processors, KYC companies and geolocation providers (3:31).

• His gaming work began with Trump's Atlantic City casinos; online work followed a 2009 call from a group of 36 offshore operators seeking horse-racing exchange wagering, a PASPA repeal and iGaming, which New Jersey launched in 2013 (20:00, 23:01, 24:01, 27:00).

• He urges licensed operators to be proud of the industry, citing jobs, taxes and responsible gambling. He says only eight US states have iGaming, while 39 have sports betting (31:31, 33:32).

• On prediction markets, he says Kalshi was valued at 22 billion dollars within about two years. He describes the contracts as yes-or-no options where the platform takes a small fee, not a bet against the house (38:30, 41:00, 42:01).

• He says Nevada has an injunction against the platforms, while the New Jersey case before the Third Circuit went badly. He expects the Supreme Court to decide (40:00, 44:01).

• For prediction markets he proposes a federal umbrella with state taxation and certification. He says US regulators built a collaborative relationship with operators on responsible gaming, and criticises UK and Dutch limits on affordability and sports sponsorship (46:30, 52:01, 52:32).

Interview from iGaming Accent by SBC Eurasia, published on YouTube.