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Prediction Markets coalition asks CFTC to narrow gaming definition

Regulation

The Coalition for Prediction Markets urged the Commodity Futures Trading Commission to define “gaming” as casino-style games in a letter to CFTC Secretary Christopher Kirkpatrick. The coalition argued that a broader definition could affect event contracts, while sports leagues called for stronger safeguards, including a minimum participation age of 21 and real-time reporting of suspicious trades.

The CFTC’s interpretation could affect whether sports event contracts fall under federal rules or state gambling oversight.

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Regulation

NFL asks Supreme Court to settle US sports prediction market jurisdiction

The NFL has submitted an amicus brief supporting New Jersey’s bid to bring sports prediction market oversight before the US Supreme Court. The league wants clarification on the division of authority between the CFTC and state gambling regulators. Kalshi supports nationwide federal rules, while the court is not expected to announce whether it will take the case before December.

New Jersey officials want the US Supreme Court to take up a case about which authority oversees contracts tied to sports prediction markets, and the NFL has now backed that request in an amicus brief. According to the filing, the league told the justices that appellate courts have reached conflicting conclusions on the question, which turns on whether the Commodity Futures Trading Commission holds primary responsibility or whether state gambling regulators do. Whether the court grants review will not be known before December, the filing indicates.

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