Congress Targets Sports Betting on Prediction Markets

A bipartisan pair of senators introduced a federal bill to forbid prediction‑market platforms from offering sports bets and casino‑style contracts, arguing those markets circumvent state gambling laws. The move targets firms regulated by the Commodity Futures Trading Commission (CFTC) — notably Kalshi and Polymarket — after spikes in trading volume and state enforcement actions. — If enacted, the law would redefine the permissible business model for prediction‑market platforms and set a precedent about when federal financial regulation can override state gambling regimes.