Senator Adam Schiff (D-CA) and Senator John Curtis (R-UT) introduced a bipartisan bill to stop sports betting and casino gambling through prediction markets. Titled “Prediction Markets Are Gambling Act,” the bill amends the Commodity Exchange Act to prohibit entities registered with the Commodity Futures Trading Commission (CFTC) from listing any contracts that relate to sports betting or casino-style gambling. The bill will be referred to the Senate Agriculture Committee.
Indian Gaming Association Chairman David Bean voiced strong support for the bill, noting that, “It will reaffirm existing tribal and state government authority to regulate sports betting, limit online gambling, or in some cases, continue to prohibit all forms of gambling.”
