Name: Arizona Clamps Down on Fantasy Sports and Prediction Markets
Uploaded: 2025-12-18T08:33:56-05:00
Duration: 3 min 16 s
Description: Arizona's Gaming Dept issued a violation notice to Underdog, enhancing oversight in fantasy sports and prediction markets. We break down the latest here.

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Arizona's Gaming Dept issued a violation notice to Underdog, enhancing oversight in fantasy sports and prediction markets. We break down the latest here.

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Arizona Clamps Down on Fantasy Sports and Prediction Markets

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Uh, Sam, let's talk about, uh, Arizona, the state of Arizona, along with many others seem to be now finally having some pushback against these prediction markets. So, naturally, if you're gonna operate in a state where the state feels that it is illegal, it needs to be regulated, and you need to pay taxes, then you're gonna have to stop operating and that indeed is coming from one, non-sports betting operator, ironically, a, a daily fantasy peer to peer operator. Yeah, the Arizona Department of Gaming this week sent Underdog a notice of violation and intent to revoke its fantasy sports license. Arizona, one of the number of states underdog, has conducted fantasy sports. Business in for a number of years. Some states require a license. Some states don't. If you recall anything about the prediction market landscape, a lot of states are really upset. They believe that sports prediction markets are essentially bypassing their state laws and kind of lying about being under federal oversight instead. There's a bunch of lawsuits going on right now. But Underdog actually has a partnership with Crypto.com, which is one of these big sports prediction market platforms, and under that partnership it hosts Crypto.com sports prediction markets on its website. That website actually isn't available in Arizona. Underdog is not offering prediction markets in Arizona, but the Department of Gaming is saying because you're partnering with Crypto.com, which is also offering its prediction markets in Arizona. And elsewhere you're essentially aiding and abetting what they're calling is an illegal practice, an illegal gaming operation, legitimizing them, and they're saying that, you know, as a licensee of Arizona they're not going to tolerate them allowing basically an enemy of the state to do business and benefit from that business. So Arizona, immediately you cannot do underdog fantasy products there right now. The The pick em games they have, of course, as well as a host of other fantasy formats, but Underdog actually has about 30 days to appeal the notice, which is when they're going to kind of prepare arguments that have been made a lot in federal and state courts recently where the same kind of battles between prediction markets and states and other gaming regulators are playing out, where on one side you have prediction markets like Crypto.com and its partners saying, You know, these are subject to CFTC oversight. These are federally regulated and then states on the other side saying that's not true. It was never intended that way. This is de facto sports gaming. So we'll see what shakes out with that appeal. I wouldn't hold your breath for underdog winning the appeal because they'll be making the argument before the regulators themselves, basically telling them why they shouldn't have oversight over this thing. So it'll be pretty interesting to see kind of If other states follow, obviously a number have taken action against prediction markets, as well as companies like Underdog, which have traditionally been fantasy operators or sports betting operators and are now doing prediction markets themselves. You have Fanatics recently doing it, and then any day now I'm told FanDuel and DraftKings are going to do their own. So you already have one state taking action against a licensee. It'll be interesting to see when the other licensees inevitably kind of break their laws, what will happen next.

Arizona Clamps Down on Fantasy Sports and Prediction Markets

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