Spin Cycle: New Presidential Betting Odds, A Goodbye To The Ultimate Gambler Highlight Week In Gambling

Welcome to “Spin Cycle,” Casino Reports’ weekly Friday roundup of all things impactful, intriguing, impressive, or idiotic in the gambling industry. Pull up a chair, grab a stack of chips and a glass of your beverage of choice, and take a spin with us through this week’s news cycle …

Establishing president

Yes, it is now legal to “bet” on the presidential election (and other political markets) in certain formats. And as of Friday morning, two days after a Court of Appeals ruled in its favor, prediction market Kalshi was open for business on the question of “Who will win the Presidency?”

As for the answer to that question … I hope you’re sitting down … it’s a tossup.

All Friday morning, as Kalshi users traded contracts, neither Kamala Harris nor Donald Trump got above 52% or below 49% in the market. That said, if anyone was priced as a slight favorite, it was the Democratic nominee Harris, who was also, as of Friday, a small favorite at offshore sportsbook Pinnacle (-117, to Trump’s -104) and at PredictIt (55 cents, to Trump’s 49 cents).

The election is one month and one day away. We’ll see about an “October surprise,” but it sure looks like the biggest surprise would be if we enter Nov. 5 with a clear betting favorite.

‘The Run’ is over

Rest in peace, Archie Karas. The famous (and infamous) gambler died this week at age 73, a little less than 30 years after going on a gambling run so remarkable it became known simply as “The Run.”

In 1995, Karas went to Las Vegas and spun a $10,000 loan from a friend into more than $40 million over the course of several months of gambling. A year later, he’d lost back every penny.

Born in Greece, Karas grew up poor, and insisted money meant nothing to him — and his track record appears to support that claim. He built his bankroll during The Run primarily playing high-stakes poker and craps, and lost it playing those same games as well as a significant amount of baccarat. Many of the greatest poker players in the world — the likes of Doyle Brunson, Chip Reese, Johnny Chan, Stu Ungar, etc. — were plenty eager to play Karas heads-up and did their part to separate him from his money. But Karas wasn’t a bad poker player; he made four World Series of Poker final tables between 2004 and 2009, all in either razz or draw games.

In 2013, Karas was caught marking cards while playing blackjack in a San Diego casino, and was banned from most casinos — including every property in Nevada — as a result.

Fanatics wears the White Hat

The online casino content wars rage on, with each operator looking for ways to beef up its game library. On Monday, Fanatics Casino made a move, announcing that in Michigan and Pennsylvania — two of the four states in which the iCasino is live — it had added White Hat Studios’ games to its portfolio.

Among the new games: Ted Cashlock, and Goonies Hey You Guys. (I can’t lie, if the title of your slots game is going to get visions of Sloth and Chunk dancing in my Gen X head, I’m immediately interested in giving it a spin.)

White Hat is also providing table games as well as its highly popular Almighty Buffalo Megaways slot.

“White Hat Studios’ diverse content portfolio brings a compelling mix of branded and original content that will resonate well with our players,” said Conor Grant, the VP of gaming at Fanatics Betting and Gaming, in a press release.

In addition to Michigan and Pennsylvania, Fanatics Casino is also operational in New Jersey and West Virginia.

The Shuffle: Other news and views

EVERYTHING’S FINE: An accounting of DraftKings’ 2024 regulatory fines

DOWN BY THE RIVER: Missouri’s Amendment 5 would expand gaming to a third body of water in the state

TOXICOLOGY REPORT: Sports betting apps are even more toxic than you thought

GOVERNOR SIGNS BILL, PART I: Gov. Newsom signs historic bill allowing California tribes to sue cardrooms

GOVERNOR SIGNS BILL, PART II: NY governor signs legislation requiring stronger warnings in gambling ads

LADIES, LEADERS: 2024’s 10 Women Rising highlights talents of women in gaming industry

ROCKY MOUNTAIN, HI!: Denver is the home for bet365’s United States headquarters

THE GAME MUST GO ON: ‘Nowhere is safe’: Gamblers brave Lebanese casino as war rages on

SUE EVERYBODY: Jailed NFL embezzler hits FanDuel with $250M suit for gambling exploitation

FAREWELL, FANTASY: DraftKings exits UK daily fantasy market

A FOOL AND HIS MONEY: How losses disguised as wins play mind games on slots players

EVERYBODY OUT: Seminole Hard Rock Tampa evacuated twice after suspicious devices found at the casino

ROSE AND FALL: Pete Rose: Iconic baseball player, infamous gambler, posthumous Hall of Famer?

RIPE FOR ABUSE: Michigan cracks down on Israel-based Papaya Gaming, sends cease-and-desist

OUT ON SAFE: Not much to like about SAFE Bet Act, say industry insiders and addiction advocates

BACK ON THE TRAIN: Light & Wonder CEO confirms Dragon Train 2.0 amid legal dispute with Aristocrat

SLOT TWIST: SBC Summit: Experts predict story-driven slots to see success in 2025

THE ART OF THE CHART: US online casino data — market share by brand, GGR stats, taxation

The Bonus Round

Completing the Spin Cycle with some odds and ends and our favorite social media posts of the week:

• What’s the most popular online slots game at the moment? According to the Eilers-Fantini Online Game Performance Database, the answer is Cash Eruption from IGT, which produced 2.7% of all U.S. iCasino gross gaming revenue in September. The gap between first place and second place is significant, as Evolution’s Live Dealer Roulette was the runner-up with 1.57% of all GGR.

• If you often say to yourself, “You know what the tout business needs — more of an authentic mafioso flavor!” then have we got the site for you. This week, Larry Mazza, described in a press release as “legendary former bookmaker and Colombo Family associate,” launched his members-only picks site “Inside Straight.” According to the release, “Mazza and his team at Inside Straight are finally able to share their previously forbidden insider insight + analytics for the first time in sports betting history.” An annual membership is $479, after factoring in a 20% discount. Sounds like an offer you can’t refuse!

• ESPN is now putting its on-air talent to work promoting ESPN Bet. Are the commercials any good? You be the judge.

• As the upstart Detroit Tigers prepare to start their ALDS series against the Cleveland Guardians this weekend, we have a pretty good guess which team the crew at Fanatics Sportsbook is rooting for. Back on Sept. 2, a Fanatics bettor in New Jersey bet $500 at +50000 odds that the Tigers would win the AL pennant, a bet that could win $250,000. Detroit has proceeded to go 18-7 since the bet was made, and the team is now +350 to make the World Series.