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Rovito has pleaded not guilty and is presumed innocent unless proven guilty in court. His attorney has disputed the government’s allegations, claiming that the indictment does not allege his client collected money, made any threats, or directed other defendants to do so.
The latest contribution is not the first time Rovito’s campaign donations to Grasso have attracted attention.
In 2017, Rovito donated $5,000 to Grasso’s unsuccessful campaign for Illinois attorney general. Grasso returned that money about a month later after a television station questioned the contribution, according to Patch.
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The petition poses the question of whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 in the aftermath of the Great Recession, “preempted states from regulating sports bets that occur within their jurisdictions if those bets are offered on markets registered with the Commodity Futures Trading Commission”. Prediction markets have argued that their event contracts are financial derivatives regulated by the CFTC whereas many states contend that they are simply sports bets by another name.
There is no guarantee the Supreme Court will hear the case but a separate appeals court ruling from 28 August bolsters its chances. In that case, a three-judge panel from the Ninth Circuit ruled unanimously in favour of the state of Nevada, creating a circuit court split, which is a hallmark of many Supreme Court cases.
“We’re calling on the Supreme Court to resolve this issue and recognise that Congress did not silently make the sports-betting industry immune from state law,” Davenport said in a statement.
How to play Train To Rio Grande
For all the hoopla surrounding prediction markets and expectations that the industry will eat away at sportsbooks’ NFL handle this season, the old guard industry is expected to control nearly 80% of pro football wagers this year.
Eilers & Krejcik Gaming (EKG) estimates that bettors will plunk down $40.5 billion on the NFL this season through regulated channels. Traditional sportsbooks are projected to capture $31.7 billion of that total, compared to a handle analog of $8.4 billion for prediction markets—a 79% to 21% split in favor of legacy operators.
Handle analog is a metric used as a cleaner comparison between sportsbooks and prediction markets because the latter’s volume doesn’t compare evenly with sportsbook handle.
