VC Kara Nortman bet early on women’s sports, and now she’s creating the market

As women’s sports enters what feels like a sustained boom period — the Golden State Valkyries just played their first WNBA next season, the NWSL is expanding, media rights deals are growing — Nortman remains cautiously optimistic about whether this moment will prove different from past surges in interest.

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UK Gambling Commission announces updates to regulations post-Budget

The UK Gambling Commission (UKGC) posted a speech that covers updates to regulations in the country. This comes as the UK Budget, which happens once a year, increased taxes on certain forms of gambling.
One of these changes is that Remote Gaming Duty (tax) will increase from 21% to 40% on April 1, 2026. “Remote” encompasses “gaming over the internet, telephone, by television, radio, or any other electronic communications or other technology for facilitating communication.”
In a speech given at the Institute of Licensing (IoL) Annual Conference 2025, director of policy Ian Angus went over what the UKGC had discovered in the last year.
It was found through a survey that 38% would gamble remotely, but only 29% now do it in-store. However, removing lottery figures, this drops to 16% online and 18% in-store.
Angus highlights the work that local authorities have done to help curb gambling problems in their area. Sheffield City Council worked for two years within the court system to block a premises license it deemed unfit for the city.
More changes incoming for gambling in the UK
However, changes aren’t over just yet. The DCMS (Department for Digital, Culture, Media and Sport) is currently taking a look at land-based gambling.
Gaming machines that come under “Category D”, like crane games and coin pushers, are being eyed for adjustments to stakes and prizes. It’s also looking to try to make a “clearer distinction” between “adult gaming centers”. This comes as duties on bingo winnings have been completely abolished.
Explaining the multiple-pronged approach, Angus said:
“One of the strengths of the gambling regulatory model in Great Britain… is the co-regulatory model: Gambling Commission nationally, holding the board rooms to account and with local authorities on the high street.
“I’ve shared a link to our online resources for you there so please do if you haven’t already, have a read on what we share with you online.”
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INTRALOT speaks out on UK Budget and finances

The gaming company INTRALOT has announced its financial results for the nine-month period, with revenue being 2.9% less than the previous year. The CEO has also spoken out about the revised gaming taxes in the UK, following the budget announcement.
Just this week, the UK government shared the Autumn Budget, which confirmed several changes to gambling taxes. The main change is the increase in remote gaming duty, which is to rise from 21 to 40 per cent, with this beginning in April 2026.
A creation of a new 25% general betting duty for online gambling has been created too, but this won’t come into action until April 2027.
Now that the gambling industry is aware of the government’s stance, companies have started to publicly state their responses. For example, Flutter, which is the gambling giant behind brands like FanDuel, BetFair, Sky Betting & Gaming, and more, acknowledged the “very significant impact on the overall market.”
The UK and Ireland CEO of Flutter, Kevin Harrington, noted that the impact on the industry as a whole will only hamper safer gambling.
Tax increase impact will delay INTRALOT’s growth plan by a year
In INTRALOT’s financial report, the CEO Robeson Reeves described the remote gaming duty increase as being “higher than anticipated,” but says the company is going “to follow the aggressive mitigation scenarios.”
“We still intend to deliver growth in the wagers accepted which combined with generosity reductions, marketing reductions and accelerated synergies will limit the tax increase impact and will only delay our growth plan by a year. We would therefore revise our 2026 EBITDA guidance in the range of €420-440m,” the CEO said.
Moving further into the report, the company shared that its consolidated revenues came to
€242.5m in the nine-month period which is a 2.9% decline compared to the nine-months in 2024. The company, however, says this is “broadly stable on a constant currency basis.”
It was also just a month ago that INTRALOT announced it had completed the acquisition of Bally’s International Interactive Business for €2.7 Billion, with new directors having been decided upon earlier in November.
Featured Image: Via Intralot Facebook post
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Gambling watchdog in Sweden gets dressing down from government watchdog

The Spelinspektionen, or Swedish Gambling Authority, has been hit with criticism from the Justice Ombudsman (JO) over the self-exclusion system for gambling.
In recent months, the gambling industry worldwide has been taking better care of how it presents safety for gamblers. That includes some companies and countries improving their monitoring or self-exclusionary programs. In March, American lawmakers attempted to bring a new SAFE Bet Act to Congress, and in the UK last year, its six-year-old program GAMSTOP has now hit over half a million users.
The criticism being levied at the Spelinspektionen is that its own prevention program, Spelpaus.se, didn’t include a method for manual shutdowns. As described on the website:
“The system was built up based on the basic idea that Spelinspektionen would not handle any shutdowns manually.
“The service was thus designed so that the player enters the website Spelpaus.se and confirms suspension with e-identification.
“Until the summer of 2024, it was not possible to suspend yourself from gambling without e-identification.”
Digital IDs were introduced in Sweden in 2003, but they’re not a mandatory thing to have. As such, users who came to the website until 2024 would have found that they couldn’t exclude themselves, as they didn’t have the correct ID.
Digital ID causes headaches for Sweden based gamblers
The watchdog has possibly failed to prevent multiple gambling addicts who had come to the site looking for reprieve. This is exactly what happened in the summer, 2024, when it was brought to the Parliamentary Ombudsmen’s attention through a notification.
Due to this, the request took “about a month” to complete.
In response, Spelinspektionen has now added a solution to include manual shutdowns and has acknowledged that it had failed to address the situation:
“The Swedish Gambling Authority does not notice that there was no alternative to suspension when the person made his request and that the information about why the processing was delayed should have been better.”
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Ohio and New Jersey file to block Kalshi on back of Nevada decision

New Jersey and Ohio lawmakers have filed an order from a Nevada judge in an attempt to curb prediction market Kalshi from bringing its form of gambling to the states.
It comes as earlier this year, Nevada and New Jersey became some of the only states to give the green light to Kalshi, bringing the prediction market to them. As it’s regulated at a federal level under the CFTC, it’s allowed Kalshi to bring sportsbooks to areas where sports gambling isn’t allowed.
This has caused a major upheaval in gambling regulation, as one of the most popular forms of gambling right now isn’t able to be properly regulated. As such, a Nevada Chief Judge, Andrew Gordon, has smacked down the previous ruling that gave Kalshi an injunction, thus a pass to provide sports betting in the state.
It has been determined by the court that Kalshi should be subject to gaming laws.
This information has now been used by Ohio and New Jersey lawmakers to try to block Kalshi from doing the same. In the New Jersey letter, Attorney General Matthew J Platkin and Deputy AG Liza Fleming submitted a letter calling for the court to impose a similar ruling.
The letter uses the verdict in its closing argument:
“As Hendrick confirms, Kalshi’s “sports related event contracts” are “sports wagers and everyone who sees them knows it.”
The letter also highlights that New Jersey is now “the only court in the country to accept Kalshi’s attempted federalization of the multi-billion dollar gaming industry.”
Ohio joins New Jersey in pushing out Kalshi
In Ohio, lawmakers have pointed out that the ruling has been used “more than ten times” as a way to avoid further conversations on the matter. It also argues that the CEA “categorically preempts” some form of state regulation on prediction market contracts.
The decision in Nevada also means Kalshi cannot operate there. Its partner, Robinhood, has also pulled the plug on its plans to run sports prediction markets. Nevada also stripped DraftKings and Flutter of their licenses after the prediction markets.
Featured image: Kalshi, Pexels
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Kalshi class action lawsuit claims its running a rigged sportsbook

Kalshi, the major prediction market, has been hit with a nationwide class action lawsuit, filed in the Southern District of New York. The suit claims that Kalshi is allowing illegal sports betting, as well as forcing players against the house.
In the lawsuit, it’s effectively claimed that Kalshi is running rigged bets, including placing its own staff in the gambling mix:
“A Kalshi representative called Kalshi Trading “one of many ‘peers’ in the peer-to-peer ecosystem. Kalshi Trading is not a peer; it is the House.”
Kalshi accused of running rigged gambling

“Consumers on Kalshi do not only bet against each other—they also bet against the House. Kalshi operates institutional market makers, which also gamble against the consumer.” pic.twitter.com/23SZgb7LI9
— Daniel Wallach (@WALLACHLEGAL) November 27, 2025

 
This accusation continues further down into the lawsuit, where it implicates “market makers” in the rigged betting. The way that they operate is by providing liquidity through buying and selling.
In the lawsuit, market makers are accused of running “a model” that is far too close to “House betting”:
“Market makers operate using a model indistinguishable from House betting in other illegal sportsbooks that the law prohibits.
“While consumers may bet on either side of the House baseline in any sportsbook, the House sets the betting line and profits when consumers pick wrong.”
As Kalshi isn’t regulated on a state-by-state basis through gambling watchdogs, as with other sportsbooks, it’s allowed to skirt the law and introduce gambling that wouldn’t be allowed otherwise. Instead, it’s federally regulated by the CFTC (Commodity Futures Trading Commission).
A wrinkle in the class action is that Kalshi has connections. Donald Trump Jr. is on its advisory board, while a previous choice for CFTC chair, Brian Quintenz, is on the board of directors for the company.
Kalshi has already hit back at the lawsuit, doing so over X (formerly Twitter). Responding to sports betting lawyer Daniel Wallach, the Kalshi News account said:
“This lawsuit demonstrates many fundamental misunderstandings about how federally-regulated DCMs operate. Anyone who understands how Kalshi works will see it for what it is – meritless fiction.”

This lawsuit demonstrates many fundamental misunderstandings about how federally-regulated DCMs operate. Anyone who understands how Kalshi works will see it for what it is – meritless fiction.
— Kalshi News (@KalshiNewsroom) November 27, 2025

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Supabase hit $5B by turning down million-dollar contracts. Here’s why.

Vibe coding has taken the tech industry by storm, and it’s not just the Lovables and Replits of the world that are winning. The startups building the infrastructure behind them are cashing in too.  Supabase, the open-source database platform that’s become the backend of choice for the vibe-coding world, raised $100 million at a $5 billion valuation just months after closing $200 million at $2 billion. But co-founder and CEO […]

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Stocks end November with mixed results despite a strong Thanksgiving week rally

There were a couple of bright spots in our portfolio during the holiday-shortened trading week.

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Palantir has worst month in two years as AI stocks selloff

Palantir posted strong third-quarter earnings, but shares dropped 16% this month on valuation concerns and a short position from Michael Burry.

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SoftBank stays in as Meesho $606M IPO becomes India’s first major e-commerce listing

Meesho heads for India’s first big e-commerce IPO next week.

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