CFTC chair Mike Selig told state representatives that disputes over prediction markets should be directed at the commission, not market participants. He said states were wasting taxpayer funds by suing participants he described as complying with federal law.
Selig’s position signals a dispute between the CFTC and states over federal authority for prediction markets.
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Nevada’s Gaming Control Board chairman Mike Dreitzer said the state prohibits prediction markets covering sports, entertainment and politics and is litigating to defend that position. He said Nevada would consider predictive products if the people and companies offering them were licensed.
A bipartisan pair of Nevada lawmakers has filed federal legislation aimed at stopping prediction markets from offering sports contracts. Representative Steven Horsford introduced HR 9856 on Wednesday, the outlet reported.
DraftKings chief executive Jason Robins said the company will not offer prediction markets in states where it holds sports-betting licences. Robins told the Next Predict Summit in New York that the approach protects its gaming licences and leaves it well placed whatever courts decide on sports event contracts.
DraftKings will not offer prediction markets in states where it holds sports-betting licences, chief executive Jason Robins said at the Next Predict Summit in New York. Robins said the approach protects the company's gaming licences and leaves it positioned for either outcome in litigation over sports event contracts.
Eilers & Krejcik Gaming said prediction markets operating in Texas may not persuade lawmakers to approve sports betting, according to its report. The analysts said lawmakers could instead regulate sports prediction markets directly or wait for a potential US Supreme Court ruling before acting; Texas policymakers are expected to consider sports betting legislation in 2027.
The Securities and Exchange Commission has not approved any ETFs related to prediction markets, according to a Cornerstone Research article. The report says the SEC stalled action on election-contract ETF proposals while examining their structure; filings have also proposed funds linked to other outcomes, including NHL teams. The SEC’s public comment period on novel ETFs was due to end at the close of August, with no guarantee of further action.