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Americans expected to bet record $30 billion legally

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The college football season has kicked off, and the NFL’s regular season begins next week, which means sportsbooks are getting ready for the biggest opportunity of the year to sign up new customers and grow the wagering pot. 

Americans are expected to wager a record $30 billion this NFL season through legal gambling, an 8.5% increase from last year, according to estimates by the American Gaming Association.

The biggest players in the space, Flutter-owned FanDuel and DraftKings, are facing growing competition from BetMGM and Caesars. thOer players are looking to get in the game, as online broker Robinhood teamed up with Kalshi to offer football prediction markets.

However, the largest threat these companies face are from the offshore, unlicensed sportsbooks such as Bovada, MyBookie and BetOnline.

DJ Giddens, #21 of the Indianapolis Colts, runs the ball as Bo Melton, #16 of the Green Bay Packers, reaches for the tackle during the 2025 NFL preseason game between the Green Bay Packers and Indianapolis Colts at Lucas Oil Stadium in Indianapolis, Indiana, on Aug. 16, 2025.

Michael Hickey | Getty Images

It’s something that prosecutors are starting to crack down on.

The Los Angeles city attorney filed a civil enforcement action on Thursday against online sweepstakes casino operator Stake.us and 20 other related companies, including publicly traded Evolution. In the landmark lawsuit, prosecutors allege the companies of running illegal gambling operations and are asking the court to shut down operations and refund player losses.

Earlier this month, 50 attorneys general wrote a letter to the Justice Department asking the federal government to crack down and step up enforcement against unlicensed gambling because states are losing an estimated $4 billion in tax revenue.

Data from geolocation tracking company GeoComply shows states that take active enforcement measures against illegal offshore sportsbooks have a 10% higher growth in active players year over year and had 38% more new player sign-ups in August.

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Funding & Business

SoftBank, Rakuten Tap Japan’s Booming Retail Demand for Bonds

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Sales of corporate bonds to Japan’s mom and pop investors are booming, on track to surpass last year’s record as bigger returns draw buyers looking to protect their savings from inflation.

Well-known names such as railway operator Keio Corp. and supermarket giant Aeon Co. are among those tapping the retail bond market, with the latter selling its debut retail bond on Friday.



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Tame US Job Growth Expected in Approach to Fed Meeting

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Employers in the US showed little enthusiasm to take on workers during August, and the unemployment rate probably ticked up to an almost four-year high, adding to evidence of a more subdued labor market.

Economists project about 75,000 jobs were added, based on the median of a Bloomberg survey, while the jobless rate is seen at 4.3%. Four straight months of sub-100,000 payrolls growth would mark the weakest such stretch since the onset of the pandemic in 2020.



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Funding & Business

Elliott Recommended as Citgo Buyer With $5.89 Billion Proposal

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An Elliott Investment Management affiliate emerged as the recommended bidder in the court-ordered auction of Citgo Petroleum Corp.’s parent, offering $5.89 billion and a deal to pay off bondholders that have a pledge on the asset.

On the other side of the legal fight was Gold Reserve Ltd., a Venezuelan creditor suing the country for the expropriation of its mining assets. The firm was also offering to buy US-based PDV Holding, Citgo’s parent, for more than $7 billion in a proposal that would exclude bondholders.



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