Spin Cycle: Caesars Optimism, Crypto.com Litigation Highlight Week In Gambling

Welcome to Spin Cycle, Casino Reports’ weekly Friday roundup of all things impactful, intriguing, impressive, or idiotic in the gambling industry. Pull up a chair, grab a stack of chips and a glass of your beverage of choice, and take a spin with us through this week’s news cycle.

Caesars’ Reeg: ‘Cycle of iGaming legislation’ coming

We’ve heard this song and dance before — that online casino legislation is coming, just as soon as the states start running out of Covid relief money.

Well, we heard it again this week, and it came from a noteworthy executive. So, even if it turns out to be more empty optimism, it’s worth reporting on.

On Caesars’ Q1 earnings call Tuesday, CEO Tom Reeg was asked about the outlook for iCasino and offered the following:

“I think … what we’re seeing in terms of state moves on tax rates in sports betting is kind of symptomatic of states that are now on their own. They had to commit spending the American rescue plan funds from the federal government by the end of last year. So for all intents and purposes, that money is gone and they’re on their own. So … I’m not surprised at all that they start to look to gaming. So I think that’s going to put us in a cycle of iGaming legislation in ’26 and ’27. [iGaming] is going to start to look more appealing to some jurisdictions that are looking to plug holes.”

Reeg also noted that there’s volatility with the revenue from sports betting, and that’s something operators and states don’t have to worry about so much with online casino.

“I think over time, the steadiness of the hold and growth in the iCasino piece is going to become increasingly appealing to investors,” Reeg said, “and that fits very well with where our strengths lie. … We’re doing very well in sports betting, we’ll generate hundreds of millions of EBITDA, but iGaming is an even better area for us in our database.

“I think we’re heading to a period of time with state budgets and with where investors are going to go where that’s going to be a popular place to be.”

Tales from the Crypto

It seems nearly every day there’s some new update in the battle between Kalshi and state regulators over offering a form of sports betting through prediction markets. It’s Kalshi vs. New Jersey, Kalshi vs. Nevada, Kalshi vs. Illinois, etc.

Well, it turns out Kalshi isn’t alone on its side of the fight.

This week, Crypto.com — which, like Kalshi, is operating an exchange that covers sports outcomes while trying to circumvent state-by-state regulation — joined Kalshi in suing the Maryland Lottery and Gaming Control Commission for trying to shut down these prediction markets.

In a statement that accompanied the legal filing, Crypto.com Chief Legal Officer Nick Lundgren insisted, “The law is very clear for derivatives and prediction market event contracts, and we are proud to offer these services through a fully compliant and regulated platform. Our decision to sue the Maryland Lottery and Gaming Control Commission is necessary at this time, and we are fully confident that the existing laws will be recognized and upheld in our favor.”

Kalshi filed a similar lawsuit against Maryland that claimed the state’s actions could cause “irreparable harm” to the operator’s business regulated by the Commodity Futures Trading Commission (CFTC) .

Interim no more

A topsy-turvy couple of years atop Entain may now be settling down, as the company announced Tuesday that two-time interim CEO Stella David has been named permanent CEO.

The chain of succession: Jette Nygaard-Andersen stepped down (amid controversy) in late 2023; David was named interim CEO; Gavin Isaacs took over as CEO in September 2024; Isaacs left in February; David again became interim CEO.

And now she’s the boss for real.

“The Board is delighted to have appointed Stella as CEO,” said Entain Interim Chair Pierre Bouchut in a statement. “She is an accomplished and commercial business leader with a long track record of success across multiple industries. Stella has played a pivotal role in shaping, implementing and executing the ongoing delivery of Entain’s strategy to drive value for our shareholders.”

Added David: “Entain has a clear strategy and we are making great strides in strengthening our operational capabilities. Having taken the time to reflect, I am hugely excited to be leading the business going forward as Entain’s CEO as we accelerate our journey of improvement. Entain is a great business with significant potential and I am confident in its ability to deliver further success in the future.”

BetMGM is a 50/50 joint venture between MGM and Entain.

House Rules: Insights from around our network

QUEENS OF THE ZONE AGE: Queens casino land re-zoning bill advances in New York Senate [by Chris Altruda]

ROLLING IN D’OH: ‘The Simpsons’ takes on sports betting in latest episode [by Jeff Edelstein]

STRENGTH IN NUMBERS: BetMGM, WSOP add Pennsylvania players to interstate pools, but PokerStars still waiting [by Eric Raskin]

VULTURE CLASH: Prey for play: slot vultures circle while casinos play cat-and-mouse [by David McKee]

THIRD-PARTY POOPERS: Texas Lottery Commission bans lottery courier companies from the state [by Jeff Edelstein]

THE LION ROARS: MGM on target for New York bid, execs announce solid Q1 and another $2B buyback [by Jill Dorson]

THE LION ROARS AGAIN: ‘Crazy Eddie’ heir loses appeal in $24 million gambling addiction lawsuit vs. BetMGM [by Jeff Edelstein]

THE HOST WITH THE MOST: I have always been a VIP host [by Richard Schuetz]

GIDDY UP, COWBOY STATE: Wyoming legislature creates select gambling committee [by Chris Altruda]

YOUNG AND IMPRESSIONABLE: This is your brain on gambling education: a Gen-Xer’s warning [by Jeff Edelstein]

OPEN RHODE?: FanDuel: Opening Rhode Island’s sportsbook market will combat revenue decline [by Matthew Bain]

SCORE LOSER: Kentucky Powerball winner kicks cop, arrested in Florida [by Jeff Edelstein]

Small stakes and hot takes

This week on the Casino Reports podcast Low Rollers, my co-host Jeff Edelstein and I welcomed BetEx founder Bruce Merati, who had intended to speak at the CFTC’s prediction markets roundtable … until said roundtable was canceled on short notice. Here’s a taste:

We also covered the dashing of Hawaii sports betting legalization hopes, the debate over Caesars voiding Thomas McPeek’s winning wagers after they’d won, Sporttrade becoming the first regulated operator to petition the CFTC, whether May is in the running for best month of the year, and more. Full episode:

The Shuffle: Other news and views

ON THE MARKET?: Family owners of bet365 weigh up potential £9bn sale of gambling empire [The Guardian]

BUILDING BRIDGES: Kindbridge Research Institute launches first national initiative on financial stability and responsible gambling [press release]

WET SANDS: How Miriam Adelson went from big MAGA winner to casino loser in Trump’s first 100 days [Vanity Fair]

YES, UCONN — BUT SHOULD YOU?: UConn research reveals extent of gambling with Connecticut college students [The Daily Campus]

NOT PLAYING WITH A FULL DESK: Major corporation cuts concierge, staff at six Las Vegas Strip properties [Las Vegas Review-Journal]

SAULT SHAKEN: Supreme Court declines to hear Sault Tribe’s casino land case [Tribal Business News]

NOW YOU SEE ME: US House passes hotel transparency bill; Nevada resorts voice support [Las Vegas Sun]

SEVENTH HEAVEN: Ocean Casino Resort marks seventh birthday with events, $7M in prizes [93.3 WMMR]

KIDS N’ PLAY: Defeated bill to criminalize iGaming under age 21 is up for a revote [The Providence Journal]

DOWNS AND OUT?: Presque Isle Downs & Casino in potential danger of closing [YourErie]

TOURIST SLAP: March decline in Las Vegas visitation blamed on international travel drop-off [The Nevada Independent]

The Bonus Round

Completing the Spin Cycle with some odds and ends, plus our favorite social media posts of the week:

• Hard Rock Digital is about to become the answer to a trivia question. That’s because Hard Rock has teamed up with Playtech in New Jersey to become the first regulated gaming operator to launch live trivia games on its online casino platform. (If the goal is to get me to spend every waking hour entertaining myself in a single app, you’re getting close to achieving that goal, Hard Rock.)

• Fun for the whole family? Great Wolf Lodge, a chain of indoor waterparks mostly aimed at kids, has opened a location inside Foxwoods Resort Casino in Connecticut. Just remember to remove your high-value chips from your pocket before going down the waterslides, and you’ll be fine.

• We don’t mean to laugh, but … as reported by the Sun Herald, South Carolina man George Powell is suing the Hard Rock Hotel & Casino in Biloxi, Mississippi, because the chair he was sitting in “fell and threw [him] to the floor” while he was playing slots. No truth to the rumor that the casino will seek to settle by offering Powell bonus spins.