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NFL urges CFTC to tighten prediction-market rules for sports contracts

Regulation

The NFL urged the CFTC to impose stricter controls on sports-related prediction markets in a letter during the agency's rulemaking process, reportedly. Its recommendations include raising the minimum user age from 18 to 21, restricting contracts it considers vulnerable to manipulation and requiring certification for player-performance contracts.

The proposals could affect prediction-market platforms' eligible users, contract offerings and compliance processes.

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Regulation

Prediction market operators withdraw sports contracts across three US states

Coinbase agreed to end Michigan sports contract activity by 10 October. The agreement requires Coinbase to close outstanding positions while its appeal continues. The outlet also reported that Webull, Gemini and ProphetX exited Connecticut, while PrizePicks paused new sports prediction entries in Missouri but kept existing entries active.

Under a deal announced Wednesday, Coinbase will halt new sports event contracts in Michigan by Oct. 10, with every open position to be wound down by that date as well, the Michigan Gaming Control Board said in a press release. While the appeal proceeds, the company keeps its legal arguments intact, and Michigan pledged to hold off on enforcement so long as Coinbase stays within the restrictions.

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