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“They’re different costumes on gambling,” he said. “Some have high heels and a tiara and others have on miniskirts or a bikini.”
Asked by Hall on how Texas should proceed moving forward, York advised that the state should seek an order that would require prediction markets to geofence their platforms from operating statewide. York also prefers the pursuit of litigation against prediction markets in state court, rather than the federal circuit, where state attorney generals have been less successful.
“Prediction markets think they can mess with Texas,” York said. “I hope you prove them wrong.”
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The text also bans exploiting situations of economic crisis, unemployment, debt, emotional distress, grief, anxiety, depression, loneliness, or other conditions of vulnerability to attract, retain or reactivate gamblers.
Operators must maintain permanent mechanisms for age verification, self-exclusion, voluntary time and wagering limits, and information on the user’s own gambling behaviour. Self-exclusion must be effective with all authorised operators.
The text also prohibits bets placed using credit cards, the use of predictive models to identify moments of greater vulnerability, and platform design mechanisms that hinder a conscious decision to stop betting, leave the service, or activate limits and blocks. Operators must maintain permanent alerts about compulsive gambling, indebtedness and asset loss, and adopt verifiable protocols for identifying risky behaviour.
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OpenBet emphasized that this change comes at a strong moment for the company and follows its incredibly successful delivery for customers through the World Cup. Throughout the tournament, OpenBet processed 175 million bets totaling $3 billion.
CEO Levin, who is set to transition to a chair role, commented on the shift, saying that he was very confident that Konstakis has what it takes to be CEO and drive OpenBet to new heights.
He [Konstakis] knows our business, our customers and our technology inside out, and has played a central role in shaping our priorities and how we execute against them. Furthermore, Nikos has been a true confidante and partner in the business since coming on board over eight years ago.