"Kalshi and Polymarket maintain their platforms offer "event contracts" between private parties that should be regulated like commodities rather than traditional gambling subject to state oversight; an argument that has received pushback from government officials, NBC Chicago said. Companies like Kalshi and Polymarket should "package sports betting as events contracts" to circumvent established gaming regulations, state attorneys general claimed in a lawsuit in June."
"U.S. senators including five Democrats and one Republican addressed that concern in a letter to Commodity Futures Trading Commission Acting Chair Caroline Pham September "By claiming to be federally regulated ... issuers of sports event contracts can avoid myriad state [gaming] laws, including licensing and background investigations, minimum age requirements, federal anti-money laundering rules, and consumer protections such as addiction warnings and integrity monitoring," the lawmakers wrote."
Google will integrate odds from Kalshi and Polymarket into Google Finance tools. The integration will enable users to ask questions about future market events and harness the wisdom of crowds. Kalshi and Polymarket assert their platforms offer event contracts between private parties that should be regulated like commodities rather than traditional gambling subject to state oversight. State attorneys general contend companies are packaging sports betting as event contracts to circumvent established gaming regulations and filed a lawsuit in June. U.S. senators warned the Commodity Futures Trading Commission that federal claims could allow issuers to avoid state gaming laws, licensing, age and anti-money-laundering requirements, and consumer protections. Nearly 80% of American voters support keeping prediction market regulation at the federal level rather than under state gambling authorities.
Read at Benzinga
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