Ohio Sen. Bill DeMora filed legislation to bring sports prediction markets under state sports-gambling rules and prohibit election-related event contracts. He said a federal appeals court ruling could help advance the proposals, though the bills would need to be reintroduced in 2027.
The proposals could require prediction-market platforms to obtain Ohio licences and bar election trading.
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Democrats Gina Hinojosa and Vikki Goodwin defeated Republican incumbents Greg Abbott and Dan Patrick in Texas, prompting renewed discussion of sports betting, according to reports. Goodwin supports putting online sports betting and iGaming to voters, but two-thirds majorities in both Republican-controlled legislative chambers are required before a ballot vote.
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.
It was reported that the Tax Law Center published an analysis on 1 October arguing that US sports prediction contracts qualify as wagers for federal taxation. Its interpretation would bring these contracts within gambling provisions covering excise taxes, winnings and loss deductions. The analysis calls for IRS clarification to reduce uncertainty.
An analysis from the Tax Law Center, dated Oct. 1, examines whether contracts tied to sporting events on venues like Kalshi belong within the federal rules that govern gambling. The center's position is that such contracts amount to wagers for federal tax purposes.
The NFL renewed its request for federally regulated prediction exchanges to remove certain sports contracts in a 3 September letter. NFL Chief Compliance Officer Sabrina Perel said exchanges continued offering contracts the league had flagged as susceptible to manipulation and insider trading.
New Jersey has petitioned the US Supreme Court over whether sports prediction contracts are exempt from state gambling laws. The state challenges an appellate ruling that prevented its gaming authorities from blocking Kalshi’s sports contracts. The Supreme Court has yet to decide whether to hear the case.