Bone Bonanza

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The final third derives from a further 0.4% of a club’s gaming machine profits over $1 million during a tax year. 

However, the scheme has faced ongoing scrutiny and criticism. Clubs can direct the funds towards upgrading their own facilities, and there is no mandated verification for how the grant recipients must deploy the money. 

The latest 2025 contribution report indicated that $127 million was awarded, with $53.3 million specifically allocated to sport-related organisations.

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“If we just sold the data to Kalshi in order to list the markets but no one was coming in and placing liquidity, there’s no point in them listing the markets,” Monk said. “We also need to supply the data to the market makers to inform their models.”

Catalist initially received a list of fewer than 10 potential market makers from Kalshi. It has since completed agreements with close to 20 and is engaging with approximately another 20.

That growth reflects the expanding number and variety of sports contracts. ITF tennis is particularly dependent on official data because its more than 60,000 annual matches are not generally televised. Unofficially monitoring a tour moving between locations such as Bogotá and Bali would be difficult, Monk noted.

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Land-based gambling can attract international investment. Cirsa expanded its Marrakech presence last November. Private online betting has no equivalent licensing route.

Cirsa’s own IPO prospectus is blunt about it: “Online gaming only exists for betting, which is operated by a state agency,” it says of Morocco, adding that online casino games “are not allowed”.

The same divide exists in Tunisia and Egypt. Governments there have focused on prohibition and enforcement rather than opening online markets to private operators.