The Poarch Band of Creek Indians (PCI) and other tribes called on the Commodity Futures Trading Commission (CFTC) to immediately crack down on prediction markets following a closed-door meeting with agency officials this week.
The tribal leaders said the CFTC has failed to uphold its regulations and exercise its authority to stop sports-event contracts that circumvent longstanding federal, state and tribal gaming laws.
Prediction markets like Kalshi, Polymarket and others allow customers to buy and sell contracts on sports events similar to more traditional sports betting platforms.
Although prediction market companies have been sued in courts across the country, the federal government has maintained that they are akin to financial products, not subject to state gambling laws, and legal in all 50 states.
