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US Senate confirms Michael Selig as CFTC chair amid prediction-market questions

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The US Senate confirmed Michael Selig as chair of the Commodity Futures Trading Commission on Thursday night, according to reports. During confirmation, Selig did not set out a definitive approach to sports event contracts, saying the courts would decide the issue; he also said the CFTC must address fraud and market manipulation.

Selig’s approach could shape federal oversight of prediction-market platforms and sports event contracts.

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Nevada Gaming Control Board questions CFTC’s prediction market rules

Nevada Gaming Control Board Chairman Mike Dreitzer said he expected the CFTC’s move. The agency proposed defining event contracts as swaps while excluding casino-style gambling, including sportsbook wagers and casino games. Dreitzer said sports event contracts and online sportsbook bets are the same, while Kalshi filed for a rehearing after losing a unanimous ruling against Ohio and Tennessee regulators.

Nevada's chief gaming regulator said he expected the Commodity Futures Trading Commission to push ahead with its prediction-market overhaul. Mike Dreitzer, who chairs the Nevada Gaming Control Board, told the Indian Gaming Association's weekly webinar on Wednesday that the agency has been acting in concert with designated contract markets. He called the line the CFTC draws between event contracts and sportsbook wagers "an untenable distinction without a difference." The commission released two proposals late last Friday, one of which would classify event contracts as swaps under federal law and bar traditional gambling.

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