Lawmakers scrutinize sportsbooks, prediction markets at testy hearing
Lawmakers questioned whether event contracts are betting and warned that aggressive marketing and integrity risks could expose consumers and young users.
- On Wednesday, members of the Senate Commerce Committee scrutinized prediction market platforms Kalshi and Crypto.com, questioning their advertising practices, regulatory disputes, and potential encouragement of cheating in sports.
- Lawmakers examined the industry's rapid growth and reliance on algorithmic advertising, which critics argue exposes young people to gambling risks while bypassing state regulations meant to protect consumers.
- Gambling policy expert Harry Levant, director of the Public Health Advocacy Institute, described the industry as an "avalanche of unregulated advertising," while Senator John Hickenlooper, D-Colo., accused platforms of unleashing "hounds of hell" to prey on minors.
- Industry representatives defended their models as financial derivatives, but senators appeared unswayed, expressing deep concerns about insider trading and the absence of federal standards for the growing sector.
- Following a unanimous Senate vote last month to ban members from trading on these platforms, lawmakers expressed determination to pursue further federal oversight and potential legislative bans on prediction markets.
23 Articles
23 Articles
Sen Blackburn says sports betting hearing likely first of ‘several’ as Congress weighs federal action
Sen. Marsha Blackburn says Congress is not done looking into the rapid expansion of sports betting and prediction markets.In fact, Wednesday's hearing may have only been the beginning.Blackburn, R-Tenn., who chairs the Senate Commerce Subcommittee on Consumer Protection, Technology, and Data Privacy, told Fox News Digital/OutKick after the hearing that lawmakers now have to determine where Congress should step in and where states should remain i…
Lawmakers Won’t Bet on Online Gambling Regulation Moving This Year
Lawmakers are eyeing new rules for online predictive markets like Kalshi. Jenny Kane/APLawmakers are wrestling with how to regulate online prediction markets but have yet to reach a consensus on oversight of the increasingly popular gambling outlet.Concerns over the platforms have come over the last year. Current and former National Basketball Association players were accused of providing confidential information to gamblers to inform bids they …
Lawmakers scrutinize sportsbooks, prediction markets at testy hearing
Senators from both parties peppered officials from the gaming and prediction market industries with questions about their aggressive marketing strategies, integrity-monitoring practices and efforts to protect consumer safety during a sometimes testy hearing on Wednesday. The Senate Commerce, Science and Transportation Committee’s hearing took place amid rising worries about betting scandals, and the possibility that…
The hearing Kalshi couldn't avoid
Washington is finally putting a prediction market in the witness chair — and a new white paper hands lawmakers the indictment. On Wednesday, the Senate Commerce Subcommittee on Consumer Protection, Technology, and Data Privacy gavels in the first hearing a Senate body has ever held on prediction markets. Its title says plenty: “No Sure Bets: Protecting Sports Integrity in America.” After months of losing ground in Washington, Kalshi now has to f…
Agency that checks prediction markets is in over its head, gambling industry leaders tell Congress
The federal agency that regulates the U.S. prediction markets is a rogue agency making a mockery of congressional intent, Bill Miller, CEO of the American Gaming Association, told Congress on Wednesday.
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