Treasure Diver

About Treasure Diver

Convened by Texas State Senator Bryan Hughes, the hearing in the Senate Committee on State Affairs examined the relationship between federally regulated derivatives markets and state-prohibited gambling. Research from Eilers & Krejcik Gaming in April found that 43% of activity from sports event contracts came from two states, Texas and California. A separate breakout of Texas activity alone is not publicly available.

At Tuesday’s hearing, AGA Vice President Tres York testified before the committee alongside Robert DeNault, head of enforcement and legal counsel at Kalshi. The AGA, one of the nation’s most strident critics of prediction markets, argued that an event contract on the Cowboys to beat the Giants does not differ fundamentally from the same wager placed at a sportsbook.

As with California, sports wagering is illegal in Texas. Greg Abbott, a three-term governor, is up for re-election in November, along with Dan Patrick, his lieutenant governor. Patrick, who vehemently opposes sports betting, also serves as president of the Texas Senate in his current role. Several attempts to legalise sports wagering since the 2018 PASPA decision have been foiled under Patrick’s leadership.

What is Treasure Diver?

One of its investigations concerns a specific globally renowned brand. Madsen says an initial scan identified around 1,600 domains, followed by another roughly 4,500 associated with this operator. That puts the number identified so far at around 6,000, although he believes the actual figure is considerably higher. “I think what we’ve found so far is only a small part of the overall picture,” he says. “I’m almost certain the real number is at least twice as high.”

Euromat’s report has suggested that a core group of 25 offshore operators are generating up to 64% of European traffic to the black market.

Madsen says investigators can also examine how sites appear from different jurisdictions. If a site is presented in a country’s local language, for example, that can indicate that the market is being targeted. The next question is whether the operator has the necessary licence.

What is Treasure Diver?

Sun International’s adjusted EBITDA (excluding TBH) edged up 2% to R1.59 billion in H1. Revenue growth was at the “upper end of expectations”.

H1 growth was driven by Sun International’s online division, with revenue from SunBet surging 35.5% year-on-year to R1.18 billion.

Sun International CEO Ulrik Bengtsson noted SunBet’s revenue growth of 35.5% outpaced the 19% South African online market’s overall growth of 19% during the period,