The Ohio Casino Control Commission has issued a $5 million civil fine to prediction markets operator Kalshi, accusing the platform of offering unlicensed sports betting in...
Democratic candidate offers 10% iGaming and predictions tax
Rahm Emanuel, the previous Mayor of Chicago and U.S. Ambassador to Japan, has introduced a proposal to add a 10% federal tax on iGaming and prediction markets, which is expected to bring more than $50 billion in annual taxes.
The generated funds are proposed to be used for creating a new American Innovation Fund, which would conduct research on AI, national security technology, cancer research, and fusion energy, as the main goal of the measure is to stay ahead of China, as stressed by Emanuel.
Emanuel commented:
“I’m talking about a specific innovation fund that keeps America beating China rather than going to second place against China. And that’s how you sell this.”
It’s believed that the proposals are part of Emanuel’s strategy for the upcoming race for the Democratic nomination in 2028, as the ambassador has already confirmed that he is considering running for the elections.
When asked whether the measures are aimed at securing a nomination, Emanuel stated that they could be an additional benefit in the process.
He said:
“While that may be a side benefit, I’m more interested in the American people getting ahead and America staying ahead.”
He stressed that the plan is to add new money to the federal government, not replace old funds, and compared the proposal to alcohol and tobacco taxes, which are both taxed based on the classification of the product.
Additionally, in March 2026, Emanuel urged the ban of federal employees and their families from betting on prediction markets.
Lawmakers in Kentucky have overruled Governor Beshear's veto on the betting reform bill (HB904) and have sent it to the Secretary of State's office, where it will become law....
