Bipartisan Bill Proposed to Ban Sports Betting on Prediction Markets
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Bipartisan Bill Proposed to Ban Sports Betting on Prediction Markets
US Senators Adam Schiff and John Curtis are set to introduce a bill on Monday, aiming to prohibit sports betting and casino-style contracts on prediction markets regulated by the Commodity Futures Trading Commission. This move comes as sports bets already account for nearly half of Polymarkets weekly trading volume and almost eighty percent on Kalshi, with billions in activity last week. Senator Curtis expressed concerns about young people in Utah becoming addicted to these games, advocating for state regulation instead of federal. This bill is part of a broader crackdown, including the CFTCs new advisory on event contracts and public input on regulations. Court fights further complicate the issue, with judges questioning federal oversight of state gambling laws.
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