Prediction Markets and Gambling with Holland & Knight Attorney Joshua Kirschner

Gaming attorney Joshua Kirschner was featured on an episode of The Closing Line podcast to talk about the current state of prediction markets amid litigation over the sector's regulation. Josh devoted the first portion of the episode to the multiple cases making their way through courts, specifically the core legal questions underpinning arguments: the definition of a swap, how swaps fit into the larger context of sports event contracts and what happens with preemption, to name a few. He predicted these questions will come before the U.S. Supreme Court because of the current circuit split. Next, he shared what conversations he's having with clients now and how these discussions have evolved from an exploratory nature as companies considered entering the prediction markets space to ones "seemingly without fear" focused on entering the market as quickly as possible. He also delved into states' approaches to sportsbook and sports betting platforms, licensing and regulatory litigation, the tension between land-based casinos and online operators, and Commodity Futures Trading Commission (CFTC) proposed rules. The podcast offers a comprehensive survey of the gaming industry today and the nuances characterizing where regulators are focusing, how startups are formulating business strategy, what lawyers and lobbyists are saying and what it all means for operators and consumers.

Duration: 33:31