""Sports prediction contracts are sports bets - just with a different name. And yet, these contracts are currently offered in all fifty states in clear violation of state and federal law.""
""Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators.""
""Kalshi's Super Bowl trading volume, for instance, reached over $1 billion this year - a 2700% increase year-over-year.""
Senators Adam Schiff and John Curtis introduced a bill to prevent prediction market platforms like Kalshi and Polymarket from offering sports betting and casino-style games. This legislation does not affect FanDuel and DraftKings, which follow state gambling laws. Schiff stated that sports prediction contracts are essentially sports bets, violating state and federal law. The bill addresses concerns over gambling addiction, particularly among young people, as sports betting has surged since a 2018 Supreme Court decision, with significant increases in wagering amounts and participation in prediction markets.
Read at TechCrunch
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