Senators target sports prediction markets with bipartisan bill

""Clearly something needs to be done. Prediction market platforms have unilaterally made sports gambling available on every phone in the country, regardless of local laws and in disregard for consumer protections and safeguards that legal sportsbooks implement," said Mick Mulvaney, the group's executive director."

""Sports prediction contracts are sports bets - just with a different name," Schiff said in a statement announcing the bill. "And yet, these contracts have been offered in all fifty states in clear violation of state and federal law.""

""The CFTC is attempting to sow confusion about who regulates sports gambling in this country, but the law is clear: sports betting is a state issue. I'm glad to see Members of Congress stepping up to ensure that all forms of sports betting are governed by the same state-set regulatory framework," Mulvaney added."

A bipartisan group of U.S. senators is introducing a bill to outlaw sports-related prediction markets, viewing them as unregulated gambling. The Prediction Markets Are Gambling Act, proposed by Senators Adam Schiff and John Curtis, targets platforms overseen by the Commodity Futures Trading Commission that offer contracts resembling sports bets. Advocacy group Gambling is Not Investing emphasizes the need for regulation, arguing that these platforms undermine consumer protections and violate state laws. Critics assert that the CFTC has allowed these markets to expand without proper oversight.

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