By Harvey Specter Jr., Law, Business & Power Correspondent
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$1.3 billion. That's the number US sportsbooks are pointing to when they call the 2026 FIFA World Cup the largest betting event in American sports history. Forty-eight teams, 104 matches, and an industry that spent years lobbying state legislatures finally collecting on every promise it made. Flutter Entertainment, Entain, and the rest of the major operators didn't just win the World Cup cycle — they used it to prove a thesis that regulators in a dozen countries are now taking seriously: digital sports betting scales in ways that physical infrastructure never could.
New Jersey understood this before most. For the tenth consecutive month, online casino revenue has outrun everything Atlantic City's physical properties combined can generate. That's not a trend anymore — that's a structural shift. The casino floor didn't lose to a competitor. It lost to a screen. The operators who saw it coming bought digital assets years ago. The ones who didn't are now paying consultants to explain the data.
Michigan confirms the same pattern from a different angle — iGaming revenue up 28% in June alone. The Great Lakes State isn't an outlier. It's a preview.
New Zealand read the same reports and drew the obvious conclusion. The Department of Internal Affairs has opened expressions of interest for 15 online casino licences, the opening move in a licensing regime that will either become a model of controlled liberalisation or another cautionary tale about what happens when you write the rules while the industry is already negotiating around them. Fifteen licences for a market of five million people is a deliberate constraint. Watch who gets them and who wrote the criteria.
Then there's the lawsuit that FanDuel and DraftKings want buried. Two Philadelphia plaintiffs claim the operators' "free" apps drove betting addiction. The operators' defence is surgical: product liability law doesn't cover free digital applications. That argument is technically interesting and strategically transparent. You don't file a motion to dismiss an addiction lawsuit because you're confident in your legal position — you file it because you need the theory dead before it spreads to twenty other jurisdictions. I've seen this move before, in different industries, with different products. It rarely ends with the first motion.
Kambi Group, meanwhile, is extending its footprint into Native American gaming through MHA Nation's 4 Bears Casino & Lodge in North Dakota — reservation-wide mobile sports betting following a successful on-property sportsbook launch. It's a quiet deal. The quiet deals are always the ones worth watching. And Cirsa is now majority-owned in Portugal's land-based sector after acquiring Casino Figueira, completing a two-step entry into a market that most operators treat as secondary. Cirsa doesn't do secondary. They do undervalued.
The architecture of this industry is reorganising at speed. The floor serves the brand. The app captures the revenue. The regulator arrives late and recalibrates.
Your move for tomorrow: If your business touches payment processing for any digital gaming operator — even peripherally — pull your contracts and find the clause about regulatory suspension. Most were written when the licensing landscape looked different. It no longer does.
Sophia Borg 
Marcus Azzopardi 
Alex de Valletta 