Congress is confronting a simple but consequential question: If Americans can wager money on the outcome of a football game, a player’s performance or a casino-style contest, should the company taking those bets be allowed to sidestep the gaming laws that govern every other gambling operator?
The recent House Agriculture Subcommittee hearing on sports event prediction markets made clear that some lawmakers are still having a difficult time grappling with that question.
As Congress continues this debate, it must recognize what is really at stake — whether prediction market companies can use a regulatory loophole to create a nationwide gambling business outside the framework established by federal, state and tribal gaming laws.
