South Korea Orders Nationwide Block on Polymarket Over Illegal Gambling Violations

South Korean regulatory authorities have ordered a domestic block on Polymarket, classifying the cryptocurrency-based prediction market as an illegal gambling service. The Korea Communications Standards Commission (KCSC) announced the decision following a comprehensive review, instructing national internet service providers to restrict access to the platform.

The regulatory ruling centers on violations of South Korea’s Criminal Act and the National Sports Promotion Act. Regulators determined that Polymarket’s operational model – which allows users to wager on the outcomes of real-world events such as elections, sports, and economic data – constitutes the facilitation of an unlicensed gambling venue. The KCSC concluded that the platform’s “winner-takes-all” structure, which relies on events beyond user control, inherently encourages speculative gambling behavior. Localized betting markets, such as wagers on Seoul’s August precipitation levels, were cited as direct evidence that the platform provides a practical gambling environment for domestic users.

Prior to issuing the access block, the KCSC consulted with multiple regulatory and law enforcement bodies, including the Korean National Police Agency, the National Gambling Control Commission, and the Korea Sports Promotion Foundation. These agencies collectively agreed that the platform’s activities met the legal definition of gambling under domestic law. This consensus follows an initial police investigation launched in late May, which scrutinized domestic users suspected of participating in election-related betting on the platform.

During the review process, Polymarket maintained that it operates outside of South Korean jurisdiction. The platform argued that it had proactively removed Korean-language services and disabled payments denominated in the South Korean won. Furthermore, Polymarket highlighted its decentralized, non-custodial structure, emphasizing that transactions are executed via blockchain-based smart contracts rather than through the direct management of user funds.

The KCSC rejected these defenses, stating that technical characteristics and decentralized service methods do not exempt an entity from the obligation to comply with domestic legislation. The committee affirmed that because the platform ultimately creates an illegal gambling environment, access blocking measures are a necessary step to protect domestic consumers.

New York Sports Betting Revenue Hits Record High as Bettors Lose Big in July

New York sports betting achieved unprecedented revenue figures in July, sports betting gamblers experienced significant losses during this period, contributing to record-breaking operator revenues that defied typical summer seasonality trends. The surge came as World Cup betting activity drove exceptional wagering volumes during a traditionally slower period for the industry. At this time, major operators capitalized on the heightened engagement, with FanDuel and DraftKings leading the competitive landscape.

The New York Gaming Commission reported eight online sportsbooks generated gross revenue of USD 214.40 million from a USD 1.88 billion handle in July. This 11.4% hold represented more than double June’s rate, when operators faced challenging market conditions. The performance marked the first time operators produced at least USD 200 million in gross revenue during July since wagering launched in January 2022.

Sportsbooks captured over USD 97 million more in July compared to June, driven by back-to-back weeks of at least USD 63 million in profits. Year-over-year revenue spiked 37.8%, demonstrating significant growth from the previous July’s performance. The double-digit win rate combined with substantial wagering volume helped the Empire State collect USD 109.30 million in tax revenue for the month.

As a result of the strong July performance, the year-to-date tax revenue total surpassed USD 725 million. The recovery from June’s lower hold percentage demonstrated operator ability to capitalize on favorable betting outcomes during a period when World Cup action supplemented traditional summer sports offerings. New York sports betting operators benefited from improved margins while maintaining substantial handle figures throughout the month.

World Cup Betting Drives Unprecedented Summer Action

The 2026 FIFA World Cup served as the primary catalyst for July’s exceptional performance. Hosted across the United States, Mexico, and Canada, the tournament featured 48 teams competing in 104 matches throughout the month. Spain defeated Argentina 1-0 in the final on July 19 at New York New Jersey Stadium, with Ferran Torres scoring in the 106th minute after a 0-0 regulation draw.

Hard Rock Bet Senior Vice President Neil Walsh characterized the event’s magnitude, stating the World Cup represented “the equivalent of 10 Super Bowls” and called it “the biggest betting event in American history”. Caesars Sportsbook reported the final generated handle nearly 65% higher than the company’s previous tournament record. In fact, the match set new Caesars records for total handle, total wagers, and unique bettors.

Betting outcomes heavily favored operators. Argentina attracted the bulk of action in both three-way moneyline and To Lift The Trophy markets. The scoreless regulation period eliminated all three-way moneyline bets on either team, while Spain’s overtime victory wiped out Argentina futures positions. SuperBook Vice President John Murray described the result as “about our best-case scenario”. Circa Sports Director Jeff Benson called it “a nice bonus for what otherwise would be a slow summer”.

FanDuel and DraftKings Lead Operator Performance

FanDuel and DraftKings maintained their stranglehold on New York sports betting during July’s record month. FanDuel dominated bettors behind a 13.2% win rate, generating state-high gross revenue of USD 86.10 million on a USD 651.20 million handle, double what the operator made in June. DraftKings led all online New York sports betting operators for the second consecutive July with a USD 661.50 million handle, while its 11% hold generated USD 72.90 million in gross revenue, second among the state’s operators.

The two platforms command 44% and 34% of the market respectively, holding approximately 80% of the U.S. sports betting market combined. DraftKings holds about 32% market share nationally.

Fanatics fell just shy of a double-digit hold, but the online sportsbook won USD 21.10 million in July, a 129% month-over-month increase, on over USD 221.00 million in wagers. BetMGM won back 11.3% on a USD 138.30 million handle, while Caesars reached a hold of 9.3% on USD 122.60 million in wagers. The competitive landscape demonstrated clear separation between the market leaders and secondary operators during the World Cup-driven betting surge.

Tabcorp Snaps Up Wagering Tech Provider BetMakers in $200 Million Deal

 Tabcorp Holdings has announced on Monday that it will acquire BetMakers Techology Group, the B2B technology firm for AU$267 million (US$189 million) through a Scheme of Arrangement, with cash consideration of AU$0.24 per share implying an equity value of approximately AU$283 million (US$200 million) on a fully diluted basis. Notably, the transaction will result in a maximum issuance of 70.7 million Tabcorp shares, representing 3.1% of current shares outstanding. The deal aims to deliver significant operational benefits, with Tabcorp targeting AU$30 million in run-rate cost synergies by the end of year two. The acquisition is projected to be earnings per share accretive from year two and double-digit EPS accretive from year three.

Tabcorp Acquisition Details: $200M Deal Structure Unveiled

Under the binding agreement, BetMakers shareholders receive the cash consideration as default payment, with premiums of approximately 41%, 42%, and 37% against the company’s one-month, three-month, and six-month volume-weighted average prices, respectively. The offer price represents a substantial uplift from recent trading levels, positioning the transaction as a significant liquidity event for BetMakers investors.

Shareholders may elect to receive part of their consideration in newly issued Tabcorp shares instead of cash, subject to a 25% cap on total transaction consideration. The scrip alternative prices new Tabcorp shares at AU$1.00 per share, representing approximately a 12% premium to the operator’s last close. At maximum election levels, Tabcorp would issue up to 70.7 million new shares.

The BetMakers board has unanimously recommended the scheme, provided no superior offer emerges and an independent expert concludes the arrangement serves shareholders’ best interests. Directors controlling around 10% of shares have indicated they will vote in favor on the same basis. Mutual break fees of AU$2.83 million apply to the transaction.

Completion requires shareholder and court approval, clearance from the Australian Competition and Consumer Commission, consents from gaming and racing authorities, and other regulatory conditions. Implementation is anticipated during Q3 FY27. Tabcorp puts pro forma net leverage at roughly 1.9 times as of December 2025, comfortably inside its 2.5 times ceiling.

How Will This Transaction Accelerate Tabcorp’s Wagering Strategy?

The Tabcorp acquisition advances three strategic pillars that reshape the operator’s competitive position. The transaction accelerates technology modernization by transitioning to a cloud-native wagering platform, leveraging BetMakers’ successful transformation over the past two years. This shift enhances product innovation, user experience, and operational efficiency while establishing a global B2B growth engine that combines complementary assets in wagering, media, and technology.

Gillon McLachlan, Tabcorp Managing Director and CEO, stated that BetMakers “has undergone a significant transformation over the past two years and built impressive wagering technology and a talented team”. Accessing these capabilities will fast-track product ambitions, particularly for the company’s media and tote offering.

The integration targets operational efficiencies through specific mechanisms: rationalization of data centers and technology contracts, replacement of existing platforms with BetMakers solutions, and streamlining corporate support functions. Besides the AU$30 million cost synergy target, the combination creates incremental revenue growth potential within existing media and tote assets.

BetMakers CEO Jake Henson emphasized the shared vision: “Bringing together Tabcorp’s rights, content and relationships with BetMakers’ platforms, data and B2B wagering services will create a more complete and compelling global offering for our customers”. The financial structure maintains balance sheet strength, with pro forma leverage at approximately 1.9 times.

What Do Industry Leaders Say About the Merger?

Both companies’ leadership expressed confidence in the strategic alignment underlying the Tabcorp acquisition. Gillon McLachlan highlighted that the transaction “will accelerate our strategy across multiple areas,” noting BetMakers’ “significant transformation over the past two years”. The former AFL boss characterized the combination as creating “a differentiated offering that will unlock growth and deliver attractive financial returns”.

McLachlan positioned the deal within Tabcorp’s broader evolution, stating the company remains “midway through its strategic transformation, with strong foundations established”. The acquisition provides “an excellent opportunity to accelerate our ambitions”, particularly as BetMakers brings “impressive wagering technology and a talented team” to enhance capabilities.

Similarly, Jake Henson endorsed the merger’s rationale, emphasizing alignment between organizations. “Having spent time with the Tabcorp team, it is clear we share a common purpose: to build a market-leading global wagering and media business”, the BetMakers CEO stated. Henson framed the integration as complementary, with Tabcorp contributing “rights, content and relationships” while BetMakers adds “platforms, data and B2B wagering services”.

Betfred Announces Closure of 132 Shops Affecting Over 600 Jobs

Betfred has announced plans to close 132 betting shops across the United Kingdom, resulting in approximately 600 job losses. The restructuring represents one of the largest operational cutbacks in the British bookmaking sector this year. Indeed, the closures affect multiple locations as the company implements cost-cutting measures amid challenging market conditions. The gambling operator cited declining footfall in retail betting shops and increased operational costs as primary factors driving the decision. As a result, the company will focus resources on digital platforms and profitable physical locations.

The bookmaker confirmed the restructuring through an official statement to employees and stakeholders. Betfred’s decision marks a significant downsizing of its retail estate, which previously consisted of more than 1,300 shops nationwide. Consequently, the closure of 132 locations represents roughly 10 percent of the company’s physical presence.

Affected employees received notification through formal consultation processes. The job cuts span various roles within the retail operations, including shop managers, betting assistants, and support staff. Betfred stated that it would work with impacted workers to explore redeployment opportunities where possible within remaining locations.

The closures will occur gradually over the coming months rather than simultaneously. This phased approach allows the company to manage the transition while minimizing disruption to both employees and customers. Specifically, shops in areas with lower customer traffic and higher operating expenses face closure.

The announcement follows similar moves by other major betting operators who have reduced their high-street footprints. Betfred emphasized that the decision reflects necessary adjustments to its business model rather than financial distress. The company maintains that its remaining shops, alongside its growing online platform, will continue serving customers effectively while operating more efficiently.

Jo Whittaker, chief executive of Betfred, said: “We have tried hard to protect all our sites and the colleagues who work in them.

“But the combined impact of higher employer national insurance contributions, wage inflation, increases in gambling taxes and wider economic uncertainty has left us with no choice.

“These are well-run shops, staffed by dedicated colleagues, and it is incredibly hard to see any of them close, but the current fiscal and regulatory environment has made it impossible to keep trading all our shops.

“Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.”

Kalshi and Polymarket's combined volume reaches all-time high in July, surpassing $50 billion

Kalshi and Polymarket saw their combined trading volume soar to a new all-time high in July as prediction markets continued to gain steam around the World Cup.

According to The Block's data dashboard, Kalshi, Polymarket, and Polymarket US posted $50.59 billion in combined monthly trading volume in July, marking a 7.8% increase from June's $46.95 billion monthly volume.

Kalshi remained in the lead, and recorded $37.7 billion in the past month. This marks a 14% month-over-month growth.

Notably, the monthly data indicates a shift in volume between Polymarket and Polymarket US. While Polymarket's monthly volume contracted 26% to $7.9 billion, the U.S. platform saw its volume rise 54% to $5 billion. The combined volume of Polymarket and Polymarket US decreased from $14 billion to $12.9 billion.

The U.S. platform, regulated by the Commodity Futures Trading Commission, dropped its initial waitlist restrictions in May, opening the platform to all U.S. users. This allowed U.S. traders who had previously bypassed regional blocks to participate legitimately on the platform. 

Earlier this year, Rutgers University statistician Harry Crane estimated that U.S. traders drove about 30% of Polymarket's main, offshore platform volume during the 12 months ending April 30, 2026.

World Cup boost

July's overall surge in volume can be attributed to the FIFA World Cup, which started on June 11 and ended on July 19. Kalshi's prediction market on the final match between Spain and Argentina alone drew roughly $1.9 billion. Polymarket's bet predicting the World Cup winner attracted around $4 billion.

Since the end of the World Cup, however, open interest on the three prediction market platforms has dropped significantly, from around $2 billion at the start of July to $1.2 billion by the end of the month.

Despite growing activity and legitimacy, prediction markets continue to face U.S. legal scrutiny, primarily over sports-related contracts. 

Over a dozen state regulators have accused Kalshi and Polymarket of operating unlicensed gambling platforms, taking action to block event contracts in their respective states. In response, the platforms — alongside the CFTC — are contesting these state enforcement actions, arguing that federal oversight preempts state jurisdiction.