"We're making sure that we have the right guardrails and integrity standards in place, and that's why we're partnering with MLB, because we've got to get this right. The fact that you have a federal regulatory scheme makes our life a lot easier as opposed to take for example, sports betting, where you're going state by state."
"MLB on Thursday named Polymarket as the league's official prediction market exchange and announced an information sharing agreement with the Commodity Futures Trading Commission, the federal body that oversees the growing prediction market industry. Polymarket gains the rights to use MLB marks and logos on its platform as well as official data to help resolve markets."
"Prediction markets have exploded in popularity over the past year in the U.S. They allow customers to trade on yes/no propositions including on sports outcomes and, according to Selig, fall under the regulatory jurisdiction of the CFTC. States argue that prediction markets offer sports betting and are prohibited unless licensed."
Major League Baseball has entered the prediction market space by naming Polymarket as its official prediction market exchange and establishing an information-sharing agreement with the Commodity Futures Trading Commission. Polymarket gains rights to use MLB marks, logos, and official data, while MLB obtains visibility and input on market regulations. Commissioner Rob Manfred and CFTC Chairman Michael Selig signed a memorandum of understanding for confidential information sharing and regular meetings to discuss integrity threats. MLB views federal CFTC oversight as advantageous compared to state-by-state sports betting regulations. Prediction markets have surged in popularity, allowing customers to trade on sports outcomes, though states argue they constitute prohibited sports betting. MLB joins the NHL, MLS, and UFC in partnering with prediction market operators.
Read at ESPN.com
Unable to calculate read time
Collection
[
|
...
]