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For free-to-play, that process can begin before the customer has committed money. “It’s about building muscle memory, providing achievable incentives to players and gamification,” Wilson explains. By lowering the barrier to participation, a free-to-play game can provide an accessible first interaction with an operator, while repeated play builds familiarity and creates a reason to return.

The format, however, cannot simply be copied and pasted from one market to the next. “We’ve found that the more localised the offering, the better,” Wilson says. “We’re talking about building anything from sumo wrestling to Love Island, as well as the headline sports. Ice cage fighting has been a popular one in a certain market for us.”

It is an eclectic list, but that’s kind of the point. Relevance can mean a global sporting event in one market and a far more niche (see ice cage fighting) obsession in another. Splash Tech’s job is to find the experience that fits the audience, rather than expecting the audience to fit the product.

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The blurring line between financial investing and gambling has been accelerated by the rise of prediction markets—exchanges offering event contracts that are federally regulated as financial derivatives. U.S. News found that over 40% of active sports bettors now also participate in sports prediction markets.

Financial advisors continue to urge consumers to view sports wagering strictly as entertainment and to only risk funds they can afford to lose.

Research from Stanford University published in April concluded that sports bettors remain “overoptimistic,” generally expecting to break even despite losing an average of 7.5 cents on every dollar wagered.

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There is no guarantee the Supreme Court will hear the case but a separate appeals court ruling from 28 August bolsters its chances. In that case, a three-judge panel from the Ninth Circuit ruled unanimously in favour of the state of Nevada, creating a circuit court split, which is a hallmark of many Supreme Court cases.

“We’re calling on the Supreme Court to resolve this issue and recognise that Congress did not silently make the sports-betting industry immune from state law,” Davenport said in a statement.

New Jersey stakeholders are no stranger to the importance of a Supreme Court review. The state lost every case in the lead-up to the PASPA repeal, except for the one that mattered most in the end, and it could be the same in this matter as Kalshi has prevailed thus far in state court and the Third Circuit. Davenport’s petition cites that fateful PASPA ruling in its introduction.