Bipartisan senators unveil bill banning sports prediction market contracts
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Bipartisan senators introduced legislation banning prediction markets from offering sports betting or casino-style games.
AI Summary
Sens. Adam Schiff (D-Calif.) and John Curtis (R-Utah) introduced legislation Monday banning prediction markets regulated by the Commodity Futures Trading Commission from offering sports betting or casino-style games. The bill, titled the Prediction Markets Are Gambling Act, targets a regulatory gap where prediction market platforms operate under CFTC oversight but currently face limited restrictions on sports wagering offerings. The measure reflects bipartisan concern that prediction markets—which allow trading on real-world event outcomes—have blurred the line between commodity derivatives and illegal gambling. Passage would effectively bar CFTC-regulated entities from listing any sports contracts or games of chance on their platforms. The bill signals congressional intent to tighten guardrails around a growing financial sector that has attracted both institutional investors and retail participants.
What's Being Done
Sens. Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act, a bill targeting regulatory gaps in CFTC-regulated prediction market platforms.
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Bipartisan Senate bill would ban sports betting on online prediction markets
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