Canine Carnage

How to play Canine Carnage

Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.

In July, Fertitta’s General Counsel Steven Scheinthal told the Nevada Gaming Control Board that the company had a letter of intent from banks to finance the transaction but was waiting for better borrowing conditions. Fertitta is assuming nearly $12 billion in Caesars’ debt and is committed to a $6.6 billion financing package.

“Our hope is that in the next few months there will be a window of opportunity where the market will be hotter and [it’s] a more interest rate friendly environment where we can go raise the money and then just put it in an escrow account,” Scheinthal said at the time.

How to play Canine Carnage

But Entain warned the current timeline, which would enforce the ban by August 2027, was not timely enough, allowing unlicensed operators to sponsor Premier League clubs for another full season.

Premier League clubs are prohibited from any form of gambling front-of-shirt sponsor, after a voluntary ban came in from the start of the 2026-27 campaign.

But Entain found 11 of the current 20 Premier League clubs still hold sponsorship or advertising arrangements with operators that don’t hold a UK licence, up from the government’s estimate of eight.

How to play Canine Carnage

The company must also provide data to the firms making markets on those events.

“If we just sold the data to Kalshi in order to list the markets but no one was coming in and placing liquidity, there’s no point in them listing the markets,” Monk said. “We also need to supply the data to the market makers to inform their models.”

Catalist initially received a list of fewer than 10 potential market makers from Kalshi. It has since completed agreements with close to 20 and is engaging with approximately another 20.