Sen. Adam Schiff (D-Calif.) and Sen. John Curtis (R-Utah) introduced a bill this week proposing to ban federally regulated prediction markets like Kalshi from offering sports wagers.
Soon after they announced the legislation, the head of the most popular exchange betting app in the U.S. suggested the Congressmen had some inspiration. “Casino lobby hard at work,” Kalshi CEO Tarek Mansour wrote on X.
Indeed, members of the so-called casino lobby are tapping into decades-long relationships with lawmakers to try to undercut Kalshi and the other exchange betting platforms overseen by the Commodity Futures Trading Commission (CFTC). Many state-regulated sportsbooks consider prediction markets a competitive threat, as do the tribal groups that enjoy exclusive commercial gaming rights in places like Schiff’s California.
