Kalshi is in trouble, Dutch lawmakers want fewer ads, and Germany says channelization rate holds steady

As the week wraps up, there have been quite a few regulatory developments that are set to have a lasting impact on the gambling industry across the globe, with specific jurisdictions in focus once again.

Lawmakers and gaming regulators have been actively trying to redefine the legal framework in which Kalshi and fellow prediction markets operate, hinging on the opinion that these companies offer a roundabout way to gamble, without meeting the rigorous standards set out by local jurisdictions.

Now, Arizona has taken things further, as the state’s Attorney General, Kris Mayes, has filed 20 misdemeanor charges against the company, including running what the AG has described as "illegal gambling business" and offering bets on the elections.

Kalshi has described the charges as blown out of proportion and a break with the legal precedent set by other courts. This comes from the AG’s desire to turf out the platform and potentially face more serious consequences should it fail to comply.

The platform has not slowed down its commercial momentum, though, announcing that it would pay $1-billion to one trader who manages to get all 63 March Madness games correctly.

Not a single person has been able to do so publicly, making the March Madness Bracket Challenge all the more enticing to sports buffs and NCAAB fans.

Business and finance

The leading casino entertainment company, Century Casinos, Inc., released its fourth quarter and 2025 financial results, reporting stable revenue and completion of strategic objectives.

The newly released report reveals that Century Casinos' 2025 net operating revenue halted at $573.0m, a figure that suggests a slight decrease of 1% year-over-year.

In 2025, the company's earnings from operations soared by 331%, hitting $51.3m, while Adjusted EBITDAR was $105.4m, signaling a 3% increase.

The American Gaming Association (AGA) predicts that as much as $3.3-billion will be wagered on the outcome of March Madness games legally. This estimate is $200-million ahead of the previously cited number for 2025.

"Fans continue to engage with legal, state- and tribal-regulated sports betting in record numbers during one of the biggest moments on the sports calendar," AGA President and CEO Bill Miller explained.

Laws and regulations

Opposition against the prediction market vertical is not lessening in the slightest, after a bipartisan bill pitched in Congress is looking to pass further restrictions on the sector. The Bets Off Act was introduced by Sen. Chris Murphy and Rep. Greg Casar, banning wagers on events where participants already know the outcome," which will extend to events where a "single actor" controls the outcome.

This measure echoes a similar proposal also introduced recently by Sen. Richard Blumenthal.

Similar to the Bets Off Act, Sen. Blumenthal’s proposal is looking to introduce clear-cut rules on how to safeguard against insider trading and market manipulation, also raising a point over the leaking of sensitive classified information to the public, which could alert adversaries of the United States about pending military action.

A pair of Dutch lawmakers have recently argued that operators should face much tougher fines, of up to 100% of their annual turnover.

MPs Mirjam Bikker and Sarah Dobbe have also suggested that the advertising rules in the country be tightened. However, the issue that raising penalties faces is that collection is difficult, with a recent fine of €24.8m to Novatec, setting a new record, but its collection remains dubious.

Minnesota is looking into potentially banning sweepstakes casinos, the vertical that has come under significant scrutiny in recent years and is increasingly turfed out by state lawmakers across the United States.

Senate File 4474 is now making its way through to the Senate Committee of Commerce and Consumer Protection as of Tuesday, March 17. The proposal was filed on Monday by Senators JordanRasmusson, John Marty, Erin Maye Quade, Matt Klein, and Warren Limmer, who co-sponsored the bill.

Despite making progress, a proposal calling for the legalization of online casino gambling in Virginia hit a dead end.

That's the case for an iGaming draft legislation which died in Virginia's conference committee over the weekend, putting an end to the process, at least for the moment.

The German iGaming market has been struggling with its channelization, with private groups arguing that the share of the illegal gamblingmarket is larger than what the regulator, GGL, claims.

These arguments continue with mutual accusations of flawed methodology, but GGL’s latest report has shown that the gross gaming revenue for the illegal gambling market continues to expand.

Responsible gambling

HIPTHER is excited to step up efforts around Responsible Gambling and advance the conversation on player protection, consumer protection, and industry sustainability with the introduction of the Responsible Gaming & Player Safety Day at HIPTHER Prague Summit 2026.

Curated by the Institute for Gambling Regulation (IPRH), the special section will take place on Day 2,March 25, at the Main Focus Stage of the summit. According to the hosts, the thematic day will focus on tackling pressing matters tied to regulatory trends, compliance, illegal gambling, and its emerging forms, along with the aforementioned player-centric and safety topics.

Voice of the industry

In this week’s voice of the industry, Casino Guru News spoke with Giorgi Tsutskiridze, Chief Commercial Officer at SPRIBE, who reflects on the company’s standout 2025 performance, the continued global rise of Aviator, and what lies ahead. In this interview, he discusses growth, partnerships, competition, and key strategic priorities shaping 2026.

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