New Jersey’s Senate Budget and Appropriations Committee advanced amended bill S4447, which would tax prediction-market operators at 9% of generated revenue. The Office of Legislative Services estimates the measure could raise $10.3 million to $15.3 million per fiscal year if signed into law.
The proposed tax would set a state-level charge on prediction-market operators’ revenue.
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Reportedly, the CFTC’s Innovation Advisory Committee held its first meeting on 21 August. The committee includes executives from derivatives exchanges, cryptocurrency businesses, prediction markets and sportsbooks, and discussed prediction markets at the end of the meeting.
CFTC chair Michael Selig proposed new prediction market rules at the agency’s first Innovation Advisory Committee meeting on Thursday. Selig also defended federal oversight against challenges concerning legality and self-certification limits.
CFTC chair Michael Selig outlined a three-part regulatory roadmap for prediction markets at the agency’s first Innovation Advisory Committee meeting. The proposed work covers rules on prohibited event contracts, reporting for fully collateralised contracts, and requirements for listing contracts and protecting consumers. CME Group chief executive Terry Duffy raised manipulation concerns, while Kalshi defended self-certification.
It was reported that Pennsylvania referred House Bill 2711 to its committee overseeing consumer protection, technology and utilities. The proposal permits sports event contracts within a regulated prediction market framework.
A US Senate committee held a hearing on sports betting and prediction markets, with gaming industry representatives and prediction-market advocates taking part, according to the report.