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US senators propose barring CFTC-registered entities from listing gambling-like contracts

Regulation

US senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act, which would bar entities registered with the CFTC from listing contracts resembling sports bets or casino games. The proposal would amend the Commodity Exchange Act to cover amateur, college and professional sports, while leaving state laws regulating or prohibiting such gaming in place; the American Gaming Association backed the bill.

The proposal could affect prediction-market listings and the division of authority over sports betting and casino-style contracts.

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DraftKings executive says sports contracts feel like sportsbook bets

DraftKings president of operations Paul Liberman said at a Milken Institute panel that sports event contracts and sportsbook bets feel the same to end users. Executives from Robinhood and Kalshi also discussed the distinction, as prediction-market operators argue their products are federally regulated derivatives and sportsbook competitors contend they amount to unlicensed sports betting.

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