In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass is joined by Cole White from our RISE Practice Group’s gaming team for a timely, candid conversation on integrity risks and regulatory trends reshaping the legal gaming landscape.
The discussion opens with recent law enforcement investigations touching the NBA, including allegations surrounding rigged high‑stakes poker games and inside information schemes, and explores what those probes may mean for charges, enforcement strategy, and league policy. Stephen and Cole unpack how the rapid expansion of sports wagering is testing compliance frameworks, why certain types of bets (like player proposition bets) draw heightened scrutiny, and how both technology and traditional evidence factor into detection. The conversation then turns to prediction markets — specifically Kalshi’s sports‑related event contracts — and the growing federal-state jurisdictional debate over whether these markets fall under the CFTC’s derivatives oversight or state gaming laws. They conclude by breaking down emerging standards and partnerships and what they could signal for the future of regulated wagering and event contracts.