US lawmakers propose new bill targeting sports betting markets
Federal regulation aims to curb sports prediction markets.
1Purpose of the bill
A new bill introduced in the US Congress aims to prevent sports prediction markets tied to competitions and casino-style games from being federally regulated. The proposal, backed by Nevada representatives, seeks to keep sports betting under state and tribal oversight, banning such contracts from trading on exchanges.
2Scope of the legislation
The bill covers all contracts linked to sporting events and casino games, including slots, roulette, poker, and their virtual versions. Sporting events are broadly defined to include amateur, collegiate, and professional competitions where outcomes depend on participants' performance.
3Protecting state authority
The legislation does not interfere with states' rights to regulate or prohibit sports betting. It only applies to contracts entered after the law takes effect, ensuring that state and tribal gaming authorities retain control over the industry.
4Parallel efforts in the Senate
Similar legislation has been introduced in the Senate by Senators Adam Schiff and John Curtis, which also bans sports prediction contracts on regulated exchanges. Schiff argues these contracts are no different from sports bets and should be treated accordingly.
5Safeguarding tribal gaming
Senator Martin Heinrich and other Democrats are pushing for stronger safeguards in digital asset legislation to prevent prediction markets from undermining tribal gaming protections. They warn that without explicit limits, federal oversight could weaken existing tribal-state compacts.
6Industry pushback
Prediction market operators like Kalshi argue that regulated markets provide a legal alternative for consumers and that outright bans could drive activity to unregulated offshore platforms. The debate centers on balancing federal oversight with state and tribal authority.
Original article: ReadWrite — ABD'de spor bahislerine yönelik yeni yasa tasarısı