Ro Khanna urges Congress to ban sports contracts on prediction markets
California representative Ro Khanna called on Congress to prohibit sports contracts offered by prediction markets, arguing that they evade state and tribal gambling laws. The debate includes a bill introduced by Adam Schiff and John Curtis that would ban sports and casino-style contracts; prediction market operators reject the characterisation of their products as sports betting.
Prediction-market operators face potential restrictions on sports contracts, while lawmakers debate whether those products evade state and tribal gambling laws.