The CFTC filed suit against Minnesota less than 24 hours after Governor Walz signed a sweeping prediction market ban, calling it the most aggressive state crackdown on federally regulated markets in U.S. history.
Light and Wonder CEO Matt Wilson said Kalshi and Polymarket now dwarf DraftKings and FanDuel by market cap — and called on the casino industry to fight back before prediction markets consume the discretionary gambling dollar.
The Senate Commerce Subcommittee is holding its first formal hearing on prediction markets and sports betting on May 20, with competing legislation on the table that could reshape how platforms like Kalshi and Polymarket operate.
The American Gaming Association and Indian Gaming Association are demanding Congress close what they call a loophole allowing prediction markets to operate nationwide as unregulated sportsbooks.
The CLARITY Act cleared the Senate Banking Committee on a 15-9 vote, but prediction market traders are pricing its passage into law at just 68 percent — and the bill’s treatment of sports event contracts remains the most contentious unresolved…
Four New Mexico tribes filed suit against Kalshi on Tuesday, arguing the prediction market platform is conducting illegal sports betting on tribal lands and bypassing gaming compacts they spent decades securing.
A new study from Baptist Health South Florida warns that the rapid expansion of prediction markets and sports betting is driving riskier gambling behavior, with mental health consequences that are only beginning to surface.
Minnesota lawmakers voted overwhelmingly to ban prediction market contracts on sports, politics, and other categories, setting up an almost certain legal showdown with the CFTC.
CFTC Chairman Michael Selig confirmed at the FINRA conference that his agency is negotiating data-sharing agreements with all major professional sports leagues, following a March MOU with Major League Baseball.
A class action lawsuit filed in federal court claims Kalshi’s event contracts constitute illegal gambling under Kentucky law and seeks recovery of losses under the state’s gambling loss recovery statute.
Sen. Adam Schiff warned at a Brookings Institution event that prediction markets are becoming indistinguishable from unregulated sports gambling and accused CFTC Chair Mike Selig of contradicting earlier commitments.
A bipartisan group of five congressional members sent letters to the CEOs of ten sportsbook and prediction market companies on May 11, demanding demographic data on users aged 18-24 and a formal briefing by May 29.
