Utah Governor Spencer Cox opposes prediction markets, and is likely to sign House Bill 243 after it passed both chambers, according to the report. The measure would define proposition betting in state gambling law; platforms may challenge it in court.
Prediction-market platforms could face Utah gambling restrictions if the governor signs the bill.
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NFL executive vice-president Jeff Miller said the league is monitoring prediction-market platforms, while raising concerns about game integrity and safeguards. He said the NFL expects to discuss the sector in the coming months and years, but is not rushing to engage with it. The report cites AGA projections of $1.76bn in legal Super Bowl wagering and says Kalshi reported more than $161m in trading on its Super Bowl winner contract.
US Commodity Futures Trading Commission chair Michael Selig announced plans to review the agency’s rules for emerging financial technologies, including prediction markets. His initiative comes as a cryptocurrency market structure bill faces uncertainty in the Senate, while gaming groups have urged Congress to bar sports event contracts through that legislation.
Charles Schwab chief executive Rick Wurster said on 21 January that the firm is open to offering prediction markets tied to economic indicators such as employment and inflation. He said the contracts could complement or hedge investment portfolios, but are not a current product priority; he opposed sports-related contracts.
DraftKings, FanDuel, Fanatics and PrizePicks have restricted some prediction market products in Utah after Utah Attorney General Derek Brown filed 14 criminal charges against Kalshi. DraftKings and FanDuel retain financial contracts, while Fanatics plans to stop taking trades in the state on 4 November; PrizePicks has disabled Team Picks and Culture Picks.
Utah's 14 criminal charges against Kalshi have led DraftKings, FanDuel, Fanatics and PrizePicks to pare back what they offer in prediction markets there. How far each operator goes differs.
The CFTC said it has sued Utah to prevent the state from restricting event contracts on CFTC-registered exchanges. The action follows Utah’s lawsuit accusing Kalshi of violating the state’s gambling prohibition; CFTC chairman Michael Selig said the agency was defending its authority over commodity derivatives.
On Tuesday the CFTC announced it had sued Utah, seeking to block the state from limiting the operations of exchanges registered with the agency. The agency's move answers a suit Utah brought against Kalshi, accusing the prediction markets platform of creating a public nuisance by evading the state's 130-year-old gambling ban.