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As well as a statewide exclusion register, the package also set out to reduce the number of poker machines from the current figure of 87,000 across 2,100 clubs and hotels. 

The government said it aims to achieve this by increasing the forfeiture rate when gaming machine entitlements are traded from one in three to one in two. 

The NSW government initiated its first formal review of ClubGRANTS in over a decade after taking office in 2023. Although the final report was submitted in January 2025, it has yet to be released publicly. 

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A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC. 

Its failure also leaves unresolved disputes over prediction markets and state and tribal gaming authorities, outside a comprehensive congressional framework. Those issues took on new significance during Senate floor debate over the bill, as concerns about federal commodities oversight extended to markets typically regulated at the state or tribal level. 

The latest filing is an early step in filling some of that regulatory gap for the CFTC. The agency can issue regulations under its current statutory authority, but those regulations would not necessarily be as permanent as legislation passed by Congress. 

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With all that in mind, it’s not surprising that Macquarie expects sports event contracts will drive approximately 80% of taker volume this year, but Beynon sees other categories growing over the long term.

“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.