Casino City’s Friday Five: Prediction markets and record gaming revenue edition

Prediction markets continue to make big waves in the U.S. as both Novig and ProphetX received approval from the Commodity Futures Trading Commission. In addition, we have a $5 bet turning into a $10 million jackpot in Las Vegas, a record-setting NFL contest announcement with a new twist, record gaming revenues from two states, and another prediction market lawsuit coming out of Kentucky.

Let’s begin with a life-changing win:

5. $10 million slot jackpot hits at Westgate Resort and Casino
A visitor from Atlanta turned a few minutes of play into a life-changing payday on Tuesday morning at Westgate Las Vegas Resort & Casino, winning $10,292,912.

The lucky guest was playing the Megabucks Wolf Run Eclipse slot machine for only three minutes when a $5 wager triggered the multimillion-dollar jackpot.

TEN. MILLION. DOLLARS. ???? That's not a typo.

One lucky winner turned a $5 bet into a $10,292,912.32 IGT Megabucks™ jackpot this morning at Westgate Las Vegas while playing Megabucks™ Wolf Run Eclipse™.

Congratulations to our newest multimillionaire. Around here, winners… pic.twitter.com/qZ3nmZi610
— Westgate Las Vegas (@WestgateVegas) June 16, 2026

4. Pennsylvania gambling revenue sets record in May
Pennsylvania’s gaming industry set a new monthly revenue record in May 2026, generating an all-time high.

The Pennsylvania Gaming Control Board reported that the combined total revenue generated from all forms of gaming including fantasy contests during May 2026 was $625,467,775, 3.93% above revenue generated in May 2025.

The revenue total also the highest monthly amount to date of revenue from the types of gaming regulated by the agency. The previous high was achieved in January 2025 at $623,092,053.

Pennsylvania wasn’t the only U.S. state to break a record. In New Jersey, iGaming revenue reached $276.3 million in May, almost a 12% year-over-year increase, beating the previous monthly record of $273.2 million set in December, according to the New Jersey Division of Gaming Enforcement.

3. Kentucky AG suing prediction markets
Yesterday, Attorney General Russell Coleman announced the launch of three lawsuits against prediction market platforms, a sweepstakes gambling platform, and a cryptocurrency platform. General Coleman accuses each of these companies of operating unlicensed and illegal sports betting and gambling platforms in Kentucky.

The lawsuits were filed in Franklin Circuit Court against:

- Kalshi, a prediction market platform, and its affiliates including Coinbase;

- Polymarket, a prediction market platform, and its affiliates; and

- VGW, an online casino platform with brands including Chumba Casino, Global Poker, and LuckyLand Slots.

Kalshi and Polymarket allow users to place wagers on game winners, point spreads and player statistics, bypassing the consumer protections and tax requirements mandated by the Commonwealth’s gambling laws.

According to the lawsuits, Kalshi and Polymarket are doing business without a Kentucky gaming license or following state regulations. The news from Kentucky follows a long line of recent similar lawsuits in other states, including New Mexico and Nevada.

2. ProphetX launches nationwide in the US
ProphetX, America's first federally regulated sports-native prediction market, announced the nationwide launch of its platform yesterday. The launch comes on the heels of the company's landmark Commodity Futures Trading Commission (CFTC) approval as a Designated Contract Market and Derivatives Clearing Organization.

By obtaining dual registration as a DCM and DCO, ProphetX will operate a marketplace that allows users to directly trade, clear, and settle event-based contracts under CFTC oversight.

In addition, Novig announced on Tuesday that it also received designation from the CRTC as a Designated Contract Market, positioning the company to operate as a federally regulated prediction market and expand nationwide under a single regulatory framework.

With CFTC designation, Novig will be able to operate across all 50 states and implement safeguards more commonly associated with financial markets, including enhanced market surveillance, protections against manipulation and insider activity, and comprehensive compliance standards designed to protect participants.

1. Polymarket, Splash launch $21 million NFL Survivor Contest
Yesterday, Polymarket and Splash Sports announced a new partnership that will bring prediction markets to Splash users beginning with the 2026 NFL season. As part of the partnership, Polymarket will sponsor the largest pro football survivor contest, featuring a record $21 million in guaranteed prizes.

The news comes just weeks after Nevada-based Circa Sports announced the return of its NFL Survivor contest with a then-record $20 million guaranteed. Unlike Circa's contest, which requires participants to register in Nevada and either make picks in-state or use a proxy, Splash Sports' contest is conducted entirely online, allowing eligible entrants to participate from anywhere it is permitted.

As a result of the Polymarket and Splash agreement, Splash will integrate Polymarket's event-driven trading into its platform as a CFTC-registered Introducing Broker, giving its 2 million active users access to prediction markets alongside survivor, pick'em, daily fantasy, and commissioner-led contests.

$21,000,000 guaranteed. The largest NFL Survivor contest in history, from Splash and @Polymarket. ??

One pick a week. Last one standing wins the biggest prize the format has ever seen. ??

Skip the flight to Vegas. Play from your couch all season long. ?? pic.twitter.com/Ua5EX0r0vw
— Splash Sports (@splashsports) June 18, 2026