draftkings says all 50 states - then why i cant use it

Taekim

Taekim

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had lil league on in the background and the DK ad comes up saying all 50 states.
im in henderson. there is no draftkings sportsbook in nevada. they pulled their licence application back in november and agreed with the state they wouldn't chase it

so either they're counting something im not or thats just another lie on national tv
 
They're counting DraftKings Predictions, which is a different product under a different regulator. Their own line is that Predictions operates in Nevada plus 47 other states. That includes Hawaii and Utah, which ban every form of gambling there is.

So it isn't a sportsbook in 50 states. It's a sportsbook in some and an event contracts exchange in the rest, and the ad flattens both into one number.

For what it's worth I'm in Texas. We have no legal sports betting at all and never have. Predictions is the first time in my life I've been able to take a position on a game without breaking a law or driving to another state.
 
Yep. I noticed that too and I don't have an answer for it. Either there are two states where something else applies, or the 47 figure is out of date, or the ad is rounding. DraftKings didn't respond when the Review-Journal asked them about the ads at all, so nobody's explained the gap.
 
ok so whats the actual difference between a prediction market and a bet cos ive read this twice now and its the same thing to me
 
Legally it turns on one word: swap.

A prediction market sells you a contract that settles at $1 if an event happens and $0 if it doesn't, and you trade that contract with other users on an exchange. The exchange takes a fee rather than a margin. Kalshi's position is that these are swaps under the Commodity Exchange Act, which puts them under the CFTC federally and out of reach of state gambling law.

Nevada's position is that a contract paying out on whether the Chiefs cover is a sports bet with a different name on it.

Two federal appeals courts have now looked at the identical question and reached opposite answers. The Third Circuit went 2-1 for Kalshi against New Jersey in April. The Ninth went 3-0 for Nevada a fortnight ago and wrote that sports event contracts are not swaps.

So the honest answer to your question is that nobody knows yet, and that's not me being evasive.
 
hold on though. if nevada wins and the ninth circuit stands, what happens to open positions??
i'm not in nevada but michigan just did something similar to robinhood and that's three states over from me. does your money come back or does it sit there while lawyers argue
 
Oh I can answer that because I am in Michigan and I have positions open right now.
Gaming Control Board announced on Wednesday that Robinhood has agreed to stop offering new sports event contracts in the state. Existing positions are to be closed out by 9 October. The agreement explicitly states that neither party concedes its legal position, which I take to mean they settled rather than lost.
So the money is not frozen. It is being wound down on a schedule. That is considerably better than what I feared when I read the first headline and I will admit I did not sleep well on Wednesday night.
 
ok thats a relief. cheers
but that still means anything i open now in a state that's next could get unwound at whatever price they feel like calling fair though
 
That's the risk nobody prices in and its the same one that bites on offshore books. Platform risk isn't about whether the platform is honest, its about whether it still exists in the jurisdiction where you are when you want your money.
I've been tracking withdrawal times on these the same way i do everywhere else. They're fine. that isn't the question
 
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