Asa Craig (@AsaCraig) header
Asa Craig (@AsaCraig) profile picture

Prev: @YaleLawSch @PrincetonSPIA|| Ed Reform, Policy & Philanthropy|| Development & Communications|| @Cornell Univ Trustee

Joined September 2011
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🚨Breaking: Louisiana judge orders temporary restraining order prohibiting Kalshi, Polymarket, Coinbase, Robinhood, and other “prediction market” operators from continuing their unlicensed and unregulated illegal gambling in Louisiana. It’s not complicated: if you aren’t a licensed gaming operator, you aren’t legal. Illegal gambling is a crime and is subject to jail time and significant penalties. Judges all over the country have overwhelmingly called this activity what it is: gambling. Kalshi’s and the other operators’ attempts to make up new words to evade state gambling laws, regulators, and taxes are not fooling anyone.
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"You want people to enjoy making bets. There's absolutely nothing wrong with making a bet here or there. The problem I think we run into is people thinking that their path to financial freedom is a seven-leg parlay.” — @SenatorPicozzi, co-chair of PA's Problem Gambling Caucus
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“The CFTC has important oversight responsibilities for derivatives markets in commodities like crops or metals. Sports gambling regulation belongs to states and tribes” - @GovChristie @ChrisChristie in WSJ on #predictionmarkets and growing national unrest towards Kalshi et al
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Interesting from @brianjpempus. As states (eg CO) debate limiting deposits, interesting research questions: 1) how often do median users typically deposit? 2) what are typical size of deposits? 2) What’s the rate for those with significant addiction? Who’s working on this?
Lawsuit against Kalshi claims man deposited an average 4.3 times per day over 2 months, totaling $315k. So much for that NCPG partnership...
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Microsoft is down. Been down. What should we do now?!
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At the Massachusetts Gaming Commission, we believe regulated sports wagering is safer sports wagering. Chair Maynard's full written testimony to the Subcommittee on Higher Education and Workforce Development is now available on our site: buff.ly/wa8n9nq
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Asa Craig retweeted
A House hearing on sports betting on college campuses kept getting pulled toward prediction markets. Rep. Alma Adams (D-N.C.) said they’ve “blown a hole straight through ” state laws, and that Congress has to make the CFTC “do its job.”
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Complex topic, but I disagree with MGC's Maynard's call for more industry-linked or funded research involving the controversial "RG" framework. That's why @Arnold_Ventures @AsaCraig funding of research with a higher degree of separation from industry is a better route. Maynard today: "I think that it's important for every state and our federal government to recognize how important it is to fund research around responsible gaming. The more we know, the more we can do. I always say, 'if we can't measure it, we can't manage it.' It's a relatively new field, right? 2018 was when PASPA was repealed." Another thing I would push back on: The harms have been extensively measured in countless U.S. surveys and studies over recent years. You can put evidence-based, stronger guardrails in right now. MA has a bill on the table to do just that, which I didn't hear Maynard mention. Of course, MGC has a neutral stance on policy. Let's also not succumb to the idea that the U.S. can't implement much stronger frictions based on research from countries that have had government-sanctioned online betting for much longer than the U.S. Maynard is a thoughtful regulator and is tasked with an essentially impossible balancing act between industry interests and public health. Still, we must reject calls for RG research with industry ties or framing. People with addiction, along with affected others, deserve better.
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Interesting #sportsbetting #Congressional tidbit: BOTH @RepBaumgartner and @RepAdams come out swinging against rising addiction due to “casinos in your pocket” Sports betting harms and #predictionmarkets are BIPARTISAN issues, and #Congress actually quite aligned 👀
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We’re working on it @ScottMStedman! Stay tuned for a new research RFP so you can help spread the word about @Arnold_Ventures’ #sportsbetting #predictionmarkets #igaming funding opportunities
Research idea: How many young people is Kalshi driving into bankruptcy and depression?
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What @_jamico says 👇🏾👇🏾 (Referencing Underdog’s latest “innovation”—gambling microbets)
At what point do we stop pretending that these are prediction markets?
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NEW: Congressman @RoKhanna just called on banning sports prediction markets @SafeBetsWorld CEO Alex Konanykhin explained why the pushback was inevitable after the Blue Tsunami: "What used to be political cover is going to become a huge liability"
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And… shouldn’t just be litigation positions, @WALLACHLEGAL! Welcome to the after Chevron world y’all
The CFTC just got called out for rewriting its rules to win in court. And Judge McMahon nailed the legal problem: “Litigation positions are not entitled to any deference at all.” Straight out of Kisor. See also @WALLACHLEGAL: nitter.gq/WALLACHLEGAL/status/21…
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Interesting #consumerprotection and #affordability agenda ideas by @millennial_debt 👇🏾👇🏾
Ban prediction markets. Ban congressional stock trading. Ban high-rate credit cards. Let this next Congress be the Congress that bans bad stuff.
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Asa Craig retweeted
From which county now?
Mississippi Senate: 80 new votes from Jefferson Davis County 🔵 Colom: +59 (73.8%) 🔴 Hyde-Smith: +19 (23.8%) ⚪ Pinkins: +2 (2.5%) Colom nets 40 votes, expanding his statewide lead to 2,575.
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Sensing a broader sea change… 👀 👀 👀 👀
Sports prediction markets are sports betting disguised as financial trading. They flout state and tribal gambling laws, siphon state tax revenues, fuel addiction, and expose young Americans to public health risks while evading state consumer safeguards. Congress must ban them.
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Turn on my tv to escape for an hour… and NOPE! Illegal sports betting probe on FBI 😂 Welcome to the resistance, @paramountplus
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Great news that @NatUrbanLeague come out in support of #BAAJA. Voters last week spoke loud & clear that #affordability is a national priority; as @Arnold_Ventures & @johnarnold have said, Congress should act now and bring innovation, jobs, and opportunity to the whole country.
🚨 🚨 BLOCKBUSTER ENDORSEMENT TO MOVE #BAAJA FORWARD from @MARCMORIAL at @NatUrbanLeague, one of the most respected civil rights organizations in the country!!!! nul.org/news/national-urban-…
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Asa Craig retweeted
“Alcohol stores don’t give you a coupon for a free drink if you’ve taken a week off drinking,” he said. “It used to be man versus vice. Now it’s man versus vice combined with a billion-dollar tech company. That’s not a fair fight.”
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