A bipartisan pair of senators introduced legislation this week aimed at banning sports betting through prediction market platforms such as Kalshi and Polymarket.
Sens. John Curtis (R-Utah) and Adam Schiff (D-Calif.) unveiled the Prediction Markets Are Gambling Act, which would prohibit entities registered with the Commodity Futures Trading Commission (CFTC) from offering prediction contracts that resemble sports bets or casino-style games.
Curtis said in a statement that the measure is needed to protect state authority over gambling laws. He said the rapid expansion of these platforms exposes young people to gambling-like products that should fall under state, not federal, oversight. The legislation, he added, is intended to reaffirm states’ rights, protect consumers, and keep speculative financial products out of areas traditionally regulated as gambling….
Bipartisan Bill Would Ban Sports Betting on Prediction Markets
