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What is Hotline 2?
Beginning with the US presidential elections in November 2024, when prediction markets catapulted into mainstream culture, their rise has been undeniable. Kalshi and Polymarket have seen their valuations balloon to $40 billion and $21 billion, respectively, and the majority of the top US bookmakers have scrambled to expand into the prediction space in various forms, either by building their own exchanges, acquiring existing ones or engaging in market-making.
Commercial sports betting generated just under $17 billion in nationwide revenue in 2025, which is why Davenport asserts that the “stakes of this case are exceptionally high”. Kalshi and Polymarket alone posted more than $45 billion in trading volume, which is similar but not identical to betting revenue, in August. That was a 15% decline from July, although that drop is attributed to the conclusion of the Fifa World Cup tournament that month per Yahoo! Finance.
The American Gaming Association estimates that the exchanges have siphoned more than $1.3 billion in would-be tax revenue from states. One of the AGA’s primary spokespeople pin its fight against prediction markets is former New Jersey governor Chris Christie, who championed the PASPA case to the Supreme Court.
How to play Hotline 2
In Delaware, in-person casino revenue eased almost 3% to $43.8 million, and in New York, racino GGR plunged 38% to $137.2 million.
West Virginia, the only other state traditionally included in the Mid-Atlantic, does not issue monthly casino revenue reports.
There’s no singular culprit for the Mid-Atlantic’s August casino woes but several likely factors.
About Hotline 2
But, as Robinson warns, the opportunity to enter Africa doesn’t come without challenges.
“It’s profitable, it’s growing and it was for sale from a distressed vendor,” he says. “That combination rarely appears in regulated Europe, where scaling a B2C brand means paying up for customers against Flutter and Entain on thin margins.
“Africa isn’t saturated, but I wouldn’t call it easy either. Betway and the local incumbents are well dug in. The difference is that you’re competing for a market that’s still forming, at a fraction of the acquisition cost, and the operating margin is there if you get the payments and the product right. The risk is regulatory and currency rather than competitive.”
