A bipartisan bill has emerged to ban sports betting in prediction markets.
A group of senators has introduced a bill called the 'Prediction Markets Are Gambling Act,' which would ban sports betting and casino-style game betting from being conducted in 'prediction markets,' where any event can be used as the subject of betting.
Curtis, Schiff Introduce Bipartisan Legislation to Ban Sports Prediction Market Contracts - Senator John Curtis
Bipartisan bill seeks to ban sports betting on Kalshi and Polymarket | TechCrunch
The 'Prediction Markets Are Gambling Act' bill was introduced by Republican Senator John Curtis of Utah and Democratic Senator Adam Schiff of California.
Senator Curtis stated regarding the bill, 'Too many young people in Utah are exposed to addictive sports betting and casino-style gambling, which should be under state control, not federal regulation. Our bipartisan bill clarifies regulatory jurisdiction and allows states to maintain their authority over sports betting and casino games. The 'Prediction Markets Are Gambling Act' aims to respect state power, protect families, and remove speculative financial products from where they shouldn't be.'
Senator Schiff also stated, ''Sports result predictions' are nothing more than sports betting under different names. Nevertheless, the fact that these result predictions are offered in all 50 states is a violation of state and federal law. The Commodity Futures Trading Commission, far from enforcing the law, is tolerating and even encouraging the expansion of these prediction markets. Now is the time for Congress to intervene to eliminate loopholes that infringe on state consumer protections, violate Native American sovereignty, and fail to generate public revenue. I am proud to work with Senator Curtis to put an end to these illegal markets.'
According to lawmakers, the sports prediction market is expanding rapidly, with total transaction value for Super Bowl-related events in 2026 projected to reach $1 billion (approximately 159 billion yen).
Sports betting is prohibited in some states, and in Utah in particular all forms of gambling are banned. However, Prediction Markets offers sports betting in all 50 states, including Utah.
Elizabeth Diana, a spokesperson for Kalshi, a leading prediction marketplace, told TechCrunch that the bill would stifle competition and steer users towards prediction markets operated abroad. She also pointed out that the bill itself is motivated by casino interests and prioritizes protecting casino monopolies over consumer protection.
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