Utah Bans Prop Bets, Prediction Markets
Salt Lake City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Utahs New Gambling Law Bans Proposition Bets and Prediction Markets: Amidst Concerns of Addiction and Financial Ruin
Utah has enacted a stringent gambling law, prohibiting proposition bets and classifying prediction markets as gambling. The law, effective May 6th, targets online platforms evading regulations, with officials expressing worries about addiction and financial distress. Half of Utahns view prediction markets as gambling, while platforms like Kalshi challenge the law in court. Meanwhile, a Pennsylvania lawsuit targets sportsbooks and the NFL for allegedly using AI to promote addictive in-game bets. Federal lawmakers, including two from Utah, propose bills to block prediction markets from mimicking sports betting. Despite growing concerns and lawsuits, experts doubt Congress will act promptly due to political ties with these platforms, leaving the future of prediction markets uncertain.
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