Happy Riches

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“Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards,” Lamont wrote in a statement.

While such orders have become customary around the nation this year, Connecticut’s missive took it one step further. The department also issued nearly 30 subpoenas to licensed gaming service providers and a bevy of media outlets. Those issued subpoenas include ones served to PayPal, Sportradar Solutions and Plaid, a payment processing app that holds a gaming licence. Although those companies are not under investigation, the subpoenas appear to be the first against service providers that conduct business with prediction markets in some form.

– In the wake of a consequential ruling by the US Court of Appeals for the Ninth Circuit against Kalshi, two operators are taking separate paths in an effort to overturn the decision. On 28 August, the Ninth Circuit ruled in a 3-0 decision that sports event contracts do not qualify as federally regulated swaps under the Commodity Exchange Act. Earlier this week, Kalshi filed for an en banc re-hearing with the Ninth Circuit, this time before an 11-judge review. Robinhood, meanwhile, filed a petition of certiorari with the Supreme Court in a move to effectively bypass the Ninth Circuit. It is widely believed that a circuit split between the Ninth Circuit and a separate decision by the Third Circuit will prompt the Supreme Court to take up the case.

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“A proceeding aimed at impairing a single creditor is not the collective administration Chapter 15 contemplates, and the mismatch is not a technicality. It is part of the Debtors’ bad faith effort to forum shop for the most advantageous tool to use against their litigation adversary,” Skillz attorneys alleged.

The Debtors here deployed an insolvency statute against the one creditor whose judgment they wished to defer and compromise, left every ordinary-course creditor untouched, preserved their own equity, and sought releases for the insiders who directed the conduct that produced the judgment—then asked this Court to treat that machinery as proof that their affairs are centered in Israel,” the petition continued.

“The Court should refuse the relief requested by … because it is manifestly contrary to the public policy of the United States based on the Debtors’ well-documented and pervasive bad faith conduct,” the petition said. “The Debtors are using the Israeli Action—a limited action which lacks many of the core characteristics of a collective insolvency proceeding—as a strategic tool to evade responsibility for their deceptive conduct.”

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He said Cirsa wass already a well-managed company and in previous deals, it had tried to make too many changes to an asset. “First of all, in many cases you had M&A which was of assets that were second tier. The promise was to completely change the nature and the competitive position of the asset, in many cases, a turnaround.

“In this case, it’s a completely different situation. You have a group, not a single company in a single country, a group which has been a solid group for 10 years and delivering. There’s no turnaround to be made. It’s already very well managed. It’s number one in its markets.”

The combined company will be listed on stock exchanges in both Spain and Italy, which Cirsa and Lottomatica are already market leaders in.Italy accounted for 57% of a combined group pro format adjusted EBITDA in H1. Spain made up 23% of that figure, with Rest of World at 20%.