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Sporttrade asks CFTC for national approval of sports prediction markets

Regulation

Sporttrade is seeking permission from the US Commodity Futures Trading Commission to offer sports prediction markets nationally, after operating under state gaming licences in five states. Founder Alex Kane told acting director Caroline Pham that the company is preparing a formal request for no-action relief and argued that regulatory uncertainty disadvantages it against federally regulated competitors.

A CFTC decision could affect Sporttrade’s ability to offer sports event contracts beyond its five licensed states.

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Enforcement & compliance

Connecticut asks nine prediction market companies to stop sports contracts

Connecticut officials asked nine companies to stop providing sports event contracts to state residents. Officials also warned that the platforms’ rapid growth could expose certain groups to risk.

Connecticut's Department of Consumer Protection has issued cease-and-desist orders to nine prediction market operators, asking them to stop offering sports event contracts to residents of the state. The department said the companies are offering sports wagers without the licences required under Connecticut law.

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