Senators Schiff and Curtis introduce bipartisan bill to ban sports betting on CFTC-regulated prediction markets

Senators Adam Schiff and John Curtis introduced bipartisan legislation to ban sports betting on prediction markets regulated by the CFTC. The bill targets platforms like Kalshi and Polymarket, which have expanded into event contracts that allow users to wager on sporting events. The senators argued that CFTC-regulated prediction markets are being used to circumvent state gambling laws. The bill would prohibit any CFTC-licensed exchange from listing contracts tied to the outcome of amateur or professional sports. The NCAA and major professional sports leagues have supported restrictions on prediction market sports contracts.