Bipartisan Bill Targets Sports Bets on Prediction Markets

U.S. Senators Adam Schiff, a Democrat from California, and John Curtis, a Republican from Utah, introduced bipartisan legislation on Monday aimed at prohibiting prediction market platforms regulated by the Commodity Futures Trading Commission from offering contracts tied to sporting events and casino-style games. The measure targets prominent platforms such as Kalshi and Polymarket, marking the first cross-party Senate initiative to impose restrictions on the rapidly expanding sector.

The proposed bill would bar these federally overseen entities from listing yes-or-no contracts on athletic competitions, effectively shifting oversight of such products to state authorities. It would also prohibit casino-style offerings, including slots, video poker, blackjack, and bingo, on these platforms. Supporters argue the legislation addresses gaps in consumer protections and regulatory jurisdiction. "The CFTC is greenlighting these markets and even promoting their growth," Schiff said. "It's time for Congress to step in and eliminate this backdoor, which violates state consumer protections, intrudes upon tribal sovereignty, and offers no public revenue."

Curtis emphasized concerns about...