Written by :
Published on :
Senators are looking to prohibit certain event contracts involving sports and casino style games
“This is an issue that’s just kind of coming into consciousness for people," bill co-sponsor Utah Representative John Curtis said.
Three US Senators on Wednesday introduced bipartisan legislation that would define what a prediction market is.
The legislation, known as the Prediction Markets are Gambling Act, is being led by Utah Republican Sen. John Curtis, alongside Democratic co-sponsors Sen. Adam Schiff of California and Sen. Catherine Cortez Masto of Nevada, the Utah Public Radio reported.
Specifically the measure seeks to amend the Commodity Exchange Act to prohibit certain event contracts involving sports and casino-style games.
The bill includes the following language:
"Notwithstanding any other provision of this section, no agreement, contract, or transaction relating to any sporting event or athletic competition or any casino-style game may be listed or made available for clearing or trading on or through a registered entity."
“This is an issue that’s just kind of coming into consciousness for people," Curtis said. "My other co-sponsors and I were not really trying to solve all of the problems with predictive markets. We’re narrowing in on a slice of it with this bill.”
Curtis added that he expects minimal economic disruption. ”Anybody who looks at gambling knows it’s a regressive tax, and so the impact of us not controlling this is far more detrimental," he stated.
A handful of states, including Nevada and Arizona, have sought to prevent the prediction market Kalshi from operating in their respective jurisdictions.
Kalshi argues that they do not offer a gambling product.
- Aaron Goldstein, Gambling911.com
