US Senator John Curtis introduced the Prediction Markets are Gambling Act, which would classify prediction markets as gambling. The bill seeks to prohibit sporting and casino-style event contracts, according to the report; its passage is uncertain.
The proposal could change the regulatory treatment of sports and casino-style event contracts in the US.
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ARB Interactive announced a new Modo app on 2 November, combining sweepstakes and arcade games, digital collectibles and prediction markets. Its Predict feature is described as forthcoming and would offer real-money predictions on events and sports; ARB did not announce a prediction-market partner.
ARB Interactive announced a new Modo app on 2 November that combines sweepstakes casino and arcade games, digital collectibles and prediction market trading. The app, called the Super Gaming App, brings the company's business categories into one download.
Donald Trump voiced support for prediction markets in a Truth Social post, criticising Democratic officials who have acted against the sector. The CFTC has filed lawsuits against Illinois, Minnesota, Arizona and Connecticut, while state-level restrictions and congressional proposals remain part of the debate, according to the report.
The Commodity Futures Trading Commission and the federal government filed a lawsuit against New York officials on 24 April, seeking a permanent injunction, according to the report. The CFTC argues that federal authority over event contracts takes precedence over state gambling laws; New York Governor Kathy Hochul and Attorney General Letitia James said the state would defend its laws in court. The CFTC also intervened in a Massachusetts court case, but the report gives no further detail on that action.
New York Attorney General Letitia James filed lawsuits against Coinbase Financial Markets and Gemini Titan in state court in Manhattan, reportedly on Tuesday. The complaints allege that the platforms operate without licences from the New York State Gaming Commission and breach state gaming laws; the companies are expected to challenge the cases.
New York Attorney General Letitia James and Governor Kathy Hochul filed a lawsuit against QCX LLC, which operates as Polymarket US, on 23 September, alleging unlicensed gambling in the state. The officials seek to stop operations, recover gains and obtain user compensation and a penalty tied to three times the revenue from the challenged conduct. These are allegations and requested remedies, not a court ruling.