CFTC Sues Minnesota Over Prediction Markets Ban While Penn Entertainment Cuts Jobs

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Minnesota over its prediction market ban. The legal action follows Governor Tim Walz’s signing of a law that seeks to prohibit the operation of prediction markets, making a minor exception for weather event contracts. However, the CFTC argued that Minnesota doesn’t have the power to regulate prediction markets, adding that the regulator has the exclusive oversight authority on the activity.

Penn Entertainment has reduced its headcount by 75 people in its Penn Interactive division, which is in charge of the company’s sports betting and online gambling operations. The layoffs follow a restructuring that impacts dozens of employees. Penn’s decision follows a broader industry trend, with other companies in the online gambling sector also reducing their headcount recently.

Hard Rock Digital has received an iGaming license in Ontario, Canada. The company has reached this major milestone and will be able to launch its sports and casino brand, catering to customers in one of the most important gambling markets in North America. Hard Rock Digital’s license, awarded by the province’s gambling watchdog, the Alcohol and Gaming Commission of Ontario, is valid through May 13, 2027.