Wisconsin Online Sports Betting Gets Subtle Boost

When Wisconsin sports betting first launched back in 2021, it did not have an online element. Years later, this did not change. Aside from having access to Wisconsin online sports betting apps on casino property, customers did not have carte blanche to place wagers from anywhere. This now appears on the verge of changing. And Giannis Antetokounmpo of the Milwaukee Bucks may have played a part in it.

Just to be clear: The two-time NBA MVP did not specifically campaign for online sports betting in Wisconsin. The state assembly voted to legalize Wisconsin online sports betting without any input from him or other pro athletes.

Still, various forces at play no doubt factored into their decision. After all, many have resisted bringing online sports betting to The Badger State. Even as the vast majority of sports betting in the United States now takes place online, officials expressed reservations about joining the fold.

Switching things up now is an admittance that the industry has changed. And a recent investment made by the state’s most popular pro athlete drove that home.

Even If He Didn’t Realize It, Giannis Sent a Message About Wisconsin Online Sports Betting

Earlier this month, Giannis Antetokounmpo announced that he has an ownership stake in Kalshi, a company that offers sports prediction markets across the country. These operations run in direct competition to sportsbooks.

Essentially, in fact, places like Kalshi and Polymarket are peddled as sports betting alternatives. They allow users to complete “trades” on yes-or-no events. “Will the Milwaukee Bucks beat the Cleveland Cavaliers?” is one such example. Over the past year or so, they have expanded their footprint in the sports world. They no longer just offer “event contracts” on basic game or championship outcomes. They have dipped their toes into categories that would otherwise be considered prop bets but are instead billed as “micro transactions.”

The rise of these prediction markets isn’t just significant to the latest Wisconsin online sports betting push. It is having an impact on the entire industry. Companies like Kalshi are subject to regulation from the Federal Trade Commission, which means they do not need state approval to operate. This has allowed them to corner the market on states that don’t have sports betting at all or only allow on-site wagering.

Wisconsin continues to fall under the latter category. And prediction markets without question impacted their latest online sports betting decision.

Remember, The Badger State was considering—and under pressure to—introduce wider-spread mobile sports betting before prediction markets went mainstream. Supporters argued that residents were crossing state lines to place wagers, or that they were using reputable sports betting apps located offshore who are willing to service just about anyone of age in the United States.

Prediction markets are adding to that external pressure. And having the state’s most popular athlete endorse it only stands to increase the amount of business they generate. That had to weigh on the minds of policymakers.

What Comes Next for Online Sports Betting in The Badger State?

While the assembly vote is a big step toward Wisconsin online sports betting legalization, it is far from the final one. It still needs to gain approval from the Senate.

Immediately, it is not clear whether that’s expected—or even possible. Though Governor Tony Evers has basically noted he’d sign the current bill into law, some experts remain skeptical the Senate will even discuss it. If they do not believe there’s enough support to warrant discussion, clearing this latest hurdle could wind up being meaningless.

For what it’s worth, though, we would be shocked if the bill doesn’t get ample attention in the Senate. Both market realities and the structure of the Wisconsin online sports betting proposal have changed.

Like we already noted, the pressure to regulate (and profit off) business going to other states, offshore sites and, now, prediction markets is only growing. On top of that, however, the initiative prevents corporate sportsbooks from entering the market.

Wisconsin is Taking a Page Out of Florida’s Book

Under the current terms, Wisconsin online sports betting would be exclusively offered by tribes. As a result, it would not require a constitutional amendment or voter approval. It is instead identical to how online sports betting in Florida came about.

The Seminole Tribe initially retained gambling exclusivity in their gaming compact with The Sunshine State. As is the case in Wisconsin, the agreement stipulated that all bets must be placed on tribal property.

In the years since, though, the Seminole Tribe has offered online sports betting services across the entire state. Despite facing plenty of opposition, they argued that their sports betting app is an extension of their tribal property because the servers operating it are located on tribal ground. This interpretation has held up under multiple attempts to fight it. Industry experts and insiders believed it was only a matter of time before another on-site-only state followed suit.

Enter the current Wisconsin online sports betting bill. It seeks to adjust the gaming compact based on the logic the Seminole Tribe used in Florida. This should give it a better shot generating enough support in the Senate. Especially when the state is now facing competition and pressure from so many external forces—including one of the most influential athletes the state has ever seen.

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