Gambling Stories to Watch This Week: Maryland iGaming Push, Tennessee Geofencing, and Iran Prediction Market Scandals

Maryland holds pivotal iGaming hearings while prediction markets face insider trading allegations following U.S. strikes on Iran.

By: AXL Media

Published: Mar 3, 2026, 10:24 AM EST

Source: The information in this article was sourced from Gambling Insider

Maryland’s High-Stakes iGaming Rebirth

Maryland lawmakers are set for a critical day of hearings on March 5 as they revisit the legalization of iGaming. The House Ways and Means Committee will weigh HB 1343 and HB 1255, which together would create a regulatory framework for online casinos and put the issue before voters in a referendum. This marks the fifth consecutive year Maryland has attempted to pass iGaming legislation. Simultaneously, the House Judiciary Committee will debate HB 1226, a bill aimed at categorically banning sweepstakes casinos. The dual hearings represent a major effort by the state to consolidate its legal market while aggressively purging unregulated "gray market" competitors.

Tennessee Targets Sweepstakes and College Betting

Tennessee is moving to formalize its existing crackdown on sweepstakes casinos through Senate Bill 2136. The bill would officially define "online sweepstakes games" as illegal gambling, codifying the enforcement actions already taken by Attorney General Jonathan Skrmetti, who issued cease-and-desist letters to nearly 40 operators late last year. In addition to the sweepstakes ban, Tennessee is considering a unique consumer protection measure: HB 1768. This bill would require all licensed sportsbooks to geofence public higher education campuses, effectively creating a "no-betting zone" for students and staff while on university grounds.

The Prediction Market Crisis: Insider Trading in Iran

The prediction market industry is reeling from a series of scandals tied to recent U.S. military actions in Iran. Polymarket, the world’s largest decentralized prediction platform, saw over $529 million in volume on contracts predicting U.S. strikes. However, the integrity of these markets has been called into question after six wallets most funded within 24 hours of the event netted $1.2 million in profits by betting on the exact timing of the strikes. One trader, "Magamyman," reportedly made over half a million dollars by placing a "Yes" bet just 71 minutes before the strikes were publicly announced, sparking widespread allegations of insider trading.