Bipartisan Bill Seeks To Ban Sports Betting On Prediction Market Platforms
- Reference: 0181088354
- News link: https://yro.slashdot.org/story/26/03/23/2015241/bipartisan-bill-seeks-to-ban-sports-betting-on-prediction-market-platforms
- Source link:
> Senators Adam Schiff (D-CA) and John Curtis (R-UT) [1]introduced (PDF) a bill on Monday that could prevent prediction market platforms Kalshi and Polymarket from allowing users to wager money on sports events or play casino-style games. This bipartisan bill would not apply to FanDuel and DraftKings, which are subject to state-by-state gambling laws, rather than federal ones. "Sports prediction contracts are sports bets -- just with a different name. And yet, these contracts are currently offered in all fifty states in clear violation of state and federal law," Schiff said in a statement.
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> Prediction markets like Kalshi and Polymarket are regulated under the Commodity Futures Trading Commission (CFTC), which is why Schiff and Curtis are able to address them under federal jurisdiction, rather than leaving them to state-regulated sportsbooks. But these senators argue that there isn't much of a difference in practice between betting on sports via federally or state-regulated apps. Kalshi's Super Bowl trading volume, for instance, reached over $1 billion this year -- a 2700% increase year-over-year. "Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators," Curtis said in a statement.
The report notes that Kalshi is [2]temporarily banned in Nevada and is [3]facing criminal charges in Arizona. "Kalshi may brand itself as a 'prediction market,' but what it's actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law," Arizona Attorney General Kris Mayes said in a statement last week.
[1] https://www.curtis.senate.gov/wp-content/uploads/2026/03/Prediction-Markets-Are-Gambling-Act.pdf
[2] https://www.wired.com/story/nevada-bans-kalshi-prediction-market/
[3] https://yro.slashdot.org/story/26/03/17/2154229/arizona-charges-kalshi-with-illegal-gambling-operation
need to ban Predictions on voteing and war as well (Score:3)
need to ban Predictions on voteing and war as well!
Re: (Score:2)
Or really, just ban the entire site altogether. Why do we need to gamble on all this stuff in the first place? It puts in a lot of perverse incentives and it's not good for our society. It's especially toxic in that it's advertised to our teenagers/young adults who's minds are not yet developed and struggle to make informed decisions.
Re: (Score:2)
> Or really, just ban the entire site altogether. Why do we need to gamble on all this stuff in the first place? It puts in a lot of perverse incentives and it's not good for our society. It's especially toxic in that it's advertised to our teenagers/young adults who's minds are not yet developed and struggle to make informed decisions.
Alcohol isn't good for our society, so let's ban it. Neither are cigarettes. Neither are Doritos, Tostitos, or any other itos. Same with chips. High in fat and cholesterol. Certainly they aren't good either. While we're at it, let's ban cocaine, methamphetamine, ketamine, marijuana and all other such drugs.
Re: (Score:2)
Apples and Oranges, your examples are all of commerce: you pay a known amount and you receive a known product.
With gambling (yes this is exactly the same as placing money on a prediction) there is no commerce and NO PRODUCT to purchase, it's gambling. IMHO gambling should not be allowed to cross state lines - so these predatory companies should only be allowed to operate in their home state of NEW YORK.
Re: (Score:2)
How about we lock these fuckers up with the wall street gamblers too. No, I don't need your exposition about market liquidity; you are the fucking problem if you are thinking this way.
halfway measures (Score:2)
commercial betting needs to be banned in its entirety and without any exceptions
All it takes in our economy (Score:2)
All it takes in our economy is a little grease and rules don't matter. There's an entire class of people that think that as long as Trump is never punished, they can do anything they want.
After all, a pardon is $2M.