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A new report commissioned by Euromat, and produced by Regulus Partners and Helios, estimates that Europe’s black market has sustained a compound annual growth rate of 18% between 2019 and 2026, and will be worth up to €13 billion by the end of the year.
The report assesses black market activity across 28 European jurisdictions, including the UK, Netherlands and Germany. According to estimates across a mature black market ecosystem, 25 operators account for approximately 64% of relevant black market traffic.
Thanks to the “rapid growth of crypto currencies” and globally recognisable branding through marketing and sponsorships, this handful of operators are generating the majority of illegal gambling traffic across Europe.
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In statements, op-eds and media interviews since his appointment, Selig had pounded the table for a federal crypto framework. As the IGA’s Bean alluded to, the Clarity Act would have given the agency a number of new duties and authorities related to the new assets at a time when the commission’s existing workload has been cause for concern. There are typically five sitting CFTC commissioners at any given time, but Selig is currently the lone sitting commissioner with no other nominations submitted.
Selig recently hosted a meeting of the CFTC’s so-called Innovation Advisory Committee, which featured extensive discussion about crypto from leading CEOs. The committee’s charter says members pledge to “provide advice and recommendations” on several topics, including crypto assets and blockchain technology.
In May, Selig wrote in a social media post on X that under Trump’s leadership, the nation became the “crypto capital of the world“. Moving forward, the absence of a law makes any rules or advisories issued by the CFTC or the Securities and Exchange Commission vulnerable to being reversed or challenged in court, according to CoinDesk. As of Thursday evening, Selig had not released a statement on the vote.
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The new Belmont is significantly different than the sprawling venue it replaced. The former 1.25 million-square-foot grandstand, which had become vastly oversized for the contemporary racing crowd, was demolished to make way for a much smaller, modern facility with a focus on hospitality and premium seating.
Friday’s opening was deliberately capped at 6,000 spectators while construction continues. Only the first two levels of the new five-story grandstand are currently open, with the remaining sections scheduled for completion ahead of next year’s meet.
The redevelopment was financed by a $455 million loan from New York State, approved in 2023. State officials have projected the project will generate $155 million in annual economic activity once fully operational, along with around $10 million annually in state and local tax revenue.