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Cruz, who chairs the Senate Commerce Committee, also co-authored the aforementioned Protect College Sports Act with Washington Senator Maria Cantwell. As cloture motion for floor debate of the act began this week, Cruz has expressed optimism that the bill will be signed into law.
The proposed bill seeks to prevent student-athletes from trading on prediction markets, but does not set any explicit standards on player harassment.
Separately, the two senators wrote a formal letter to a bevy of pro sport leagues last October requesting additional details on the leagues’ interaction with integrity monitors on suspicious wagering.
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In April, Interactive Games LLC, a unit of Cantor, sued DraftKings and Flutter Entertainment’s FanDuel, alleging the two largest domestic online sportsbook operators infringed on its patents. That suit arrived a decade after Interactive Games brought similar litigation against the sports wagering giants, which was challenged by both companies.
In the suit brought earlier this year, the Cantor unit accuses the two gaming companies of infringing on five of its patents and requested an undisclosed amount of financial damages.
Interactive Games was once a part of Cantor Gaming, which no longer operates. That entity was familiar with controversy, enduring allegations of money laundering and nearly losing its Nevada license in 2018. The parent company sold the business in 2019.
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“If we just sold the data to Kalshi in order to list the markets but no one was coming in and placing liquidity, there’s no point in them listing the markets,” Monk said. “We also need to supply the data to the market makers to inform their models.”
Catalist initially received a list of fewer than 10 potential market makers from Kalshi. It has since completed agreements with close to 20 and is engaging with approximately another 20.
That growth reflects the expanding number and variety of sports contracts. ITF tennis is particularly dependent on official data because its more than 60,000 annual matches are not generally televised. Unofficially monitoring a tour moving between locations such as Bogotá and Bali would be difficult, Monk noted.
