"The CFTC lacks exclusive authority over sports-related prediction markets because they function as wagers, not swaps or other financial instruments."
"Bettors still risk money on uncertain sports outcomes for possible payouts, despite a new label."
A multistate coalition sent a letter to the CFTC arguing sports-related prediction markets should be under state gambling oversight, not federal derivatives regulation. They argue these contracts function as wagers, not financial derivatives, and closely resemble traditional sportsbook wagers.
#sports-prediction-markets #state-gambling-oversight #federal-derivatives-regulation #commodity-futures-trading-commission #kalshi-contracts
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