Circa Sports CEO on Prediction Markets, Sports Betting Taxes, and Las Vegas Tourism

Super Bowl Success Metrics

• 🎯 Success for Circa Sports on Super Bowl Sunday is measured by tourism volume in Las Vegas and setting records for legal wagering.
• 📈 The CEO is hopeful for a record-breaking Super Bowl in terms of legal betting, despite the rise of prediction markets.
• 💰 Circa Sports has already taken its first million-dollar bet and aims for more, with a counter limit of one million dollars.

Competition in the Gaming Universe

• 📱 While acknowledging the marketing power of major apps like FanDuel and DraftKings, Circa Sports differentiates itself by taking large bets and catering to bigger players.
• ⚖️ The CEO supports legal sports betting operators, citing benefits for leagues, players, states, and problem gambling initiatives.
• 🚫 However, he strongly opposes prediction markets like Kalshi and Polymarket, labeling them as "marauders" for operating without paying state income tax, problem gambling contributions, or federal excise taxes.

Prediction Markets vs. Legal Sportsbooks

• 📊 Prediction markets are seen as a shrewd but unfair competitor, operating with a low-hold model and avoiding taxes that legal operators pay.
• 💰 The CEO contrasts the tax revenue generated by legal sports betting in states like New York ($1.1 billion) and Illinois ($400 million) with the zero tax revenue from prediction markets.
• 🤝 The Fair Bet Act, aimed at restoring the 100% deduction for gambling losses against winnings, remains a top priority, with bipartisan support anticipated.

Las Vegas Tourism and Economy

• 📉 While international tourism is down across major destinations, Las Vegas is performing well overall, with gaming revenue setting an all-time record.
• 🏨 The CEO notes a