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Beginning with the US presidential elections in November 2024, when prediction markets catapulted into mainstream culture, their rise has been undeniable. Kalshi and Polymarket have seen their valuations balloon to $40 billion and $21 billion, respectively, and the majority of the top US bookmakers have scrambled to expand into the prediction space in various forms, either by building their own exchanges, acquiring existing ones or engaging in market-making.
Commercial sports betting generated just under $17 billion in nationwide revenue in 2025, which is why Davenport asserts that the “stakes of this case are exceptionally high”. Kalshi and Polymarket alone posted more than $45 billion in trading volume, which is similar but not identical to betting revenue, in August. That was a 15% decline from July, although that drop is attributed to the conclusion of the Fifa World Cup tournament that month per Yahoo! Finance.
The American Gaming Association estimates that the exchanges have siphoned more than $1.3 billion in would-be tax revenue from states. One of the AGA’s primary spokespeople pin its fight against prediction markets is former New Jersey governor Chris Christie, who championed the PASPA case to the Supreme Court.
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Anthony Lee, who served as the Conservative Party’s director of campaigning, pleaded guilty to two counts of cheating under sections 42(1)(a) and 42(1)(b) of the Gambling Act 2005.
Meanwhile, Laura Lee (formerly Saunders), his wife and former head of international for the party, who also stood as the Conservative candidate in Bristol North-West at the 2024 election, pleaded guilty to one offence under section 42(1)(a).
The two join Amy Hind and Craig Williams, who pleaded guilty to these offences on 29 June 2026.
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With just over a month since the season started, the condensed but pandemic riddled season has seen some teams play as many as 20 of their scheduled 56 matches, whereas others have had games postponed and played as little as 13. That’s still enough for the pundits to have favorites, and for sportsbooks to have started creating these lines.
At the top of the odds, we have a matchup between the Tampa Bay Lightning and either the Colorado Avalanche or Las Vegas Golden Knights. Tampa looks like a favorite thanks to their Goal Differential of +20, although they aren’t even top of the Discover Central division at this point, trailing both the Florida Panthers and Carolina Hurricanes.
Meanwhile, Colorado and Vegas are both competing to win the Honda West division, but 2019 champions St. Louis also up there in the standings, but with an even goal differential.
