SectorWire
SearchGet the daily briefing
Menu

Polymarket lobbies European regulators for financial classification of prediction contracts

Regulation

Polymarket is meeting regulators in Brussels, London and EU member states to seek a route to European authorisation, reportedly. The company argues that its prediction-market contracts should be treated as financial products under MiFID rather than gambling, but financial classification would not automatically permit unrestricted retail sales.

Financial classification could shape Polymarket’s European authorisation prospects, but would not automatically allow unrestricted retail sales.

Connections

Request a correction

Keep reading

Regulation

US election leaves prediction market legal disputes before courts

The US mid-term election brought Democrats control of the House and Senate, while state regulators and prediction-market operators continue to dispute the legality of sports event contracts. New Jersey Attorney General Jennifer Davenport asked the Supreme Court in September to review whether federal law prevents states from regulating those contracts; a law professor quoted in the report said he expects the court to hear the challenge.

New Jersey Atty. Gen. Jennifer Davenport petitioned the Supreme Court in September to consider whether states may regulate sports offerings on prediction markets. Democrats took control of both the House and the Senate in the mid-term election.

Continue reading