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Italian opinion column examines prediction markets’ uncertain legal status

Regulation

An opinion column on an Italian gambling industry site argued that prediction markets face unresolved legal classification in Italy. The columnist cited Polymarket’s reported 2025 trading volume of US$44 billion and discussed possible application of gambling, financial-markets and crypto-asset rules; the column said ADM had issued no ruling on the subject.

Uncertainty over whether prediction markets fall under gambling or financial rules affects platforms considering access to Italy.

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Regulation

Masto says sports prediction markets are gambling and criticises CFTC directive

Nevada senator Catherine Cortez Masto said sports prediction markets constitute gambling and criticised a CFTC directive on access to federally regulated exchanges. The directive gave exchanges 30 days to comply or explain why they could not, a requirement that the coverage says complicates operators’ responses to state court orders.

Federally regulated exchanges have 30 days to lift restrictions based on traders’ residence within the United States or explain why they cannot, under an order issued last week by the CFTC. The order added compliance difficulties for prediction market operators facing court-ordered access limits in states including Michigan, Nevada and Washington.

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