Rep. Titus Welcomes Senate Companion Bill to Curb Prediction Markets Sports Betting

Rep. Titus Welcomes Senate Companion Bill to Curb Prediction Markets Sports Betting

Congresswoman Dina Titus today applauded the introduction of a companion bill in the Senate to her Fair Markets and Sports Integrity Act to ban prediction markets from offering sports bets outside of state regulation.

"The introduction of this legislation in the Senate is further evidence that awareness of the threats posed by unregulated sports betting is growing," the Congresswoman said. "I applaud Senator Adam Schiff of California and Senator John Curtis of Utah for this legislation to protect consumers and ensure sports wagering revenues are properly directed to states to support education and other critical public services. So-called prediction markets are exploiting regulatory gaps, undermining state gaming laws, and exposing consumers to unnecessary risk."

Like the Fair Markets and Sports Integrity Act, the Senate legislation, the Prediction Markets Are Gambling Act, would prohibit entities regulated by the Commodity Futures Trading Commission from listing contracts that closely resemble a sports bet or a casino-style game. Billions are being wagered currently through platforms such as Kalshi and Polymarket.