Prediction Market Fight Deepens as 40 States Push Back on CFTC

Prediction Market Fight Deepens as 40 States Push Back on CFTC

A multistate coalition told the Commodity Futures Trading Commission that sports-related prediction markets should remain under state gambling oversight, arguing the contracts function as wagers rather than financial derivatives. The attorneys general said these products closely resemble traditional sportsbook wagers on winners, spreads, totals, and player statistics. States Say Sports Markets Belong Under Gambling Oversight […]

Mississippi Attorney General joins coalition calling for state control over sports-related prediction markets - Mississippi Monitor

By: Jeremy Pittari, Magnolia Tribune     Mississippi’s Attorney General, along with attorneys general in 40 other states, have formed a coalition to provide assurance that the regulation power of “event contracts” for online sports-related betting falls to states, and not the Commodity Futures Trading Commission. Event contracts, or prediction markets, allow people to bet or “trade” on future occurrences, most of the time the bets are sports rel…

41 Attorneys General Form Bipartisan Group to Seek Clarity on Prediction Markets Regulation – EastMud

(AsiaGameHub) –   A bipartisan coalition of 41 state attorneys general is calling for clear rules on who has control over sports-related prediction markets, asserting that states should maintain full regulatory authority. States Should Continue Current Practices Iowa Attorney General Brenna Bird made the announcement at the beginning of the week, stating that U.S. states have long managed gambling within their jurisdictions and should continue d…