States Treat Crypto Prediction Markets as Gambling

State regulators are increasingly framing crypto prediction markets as traditional gambling rather than novel financial products, using lawsuits and licensing rules to force age limits, tax parity, and local oversight. That approach pressures crypto firms to seek gaming licenses or withdraw from states, shifting who can legally host event‑based markets. — If other states follow, it could re‑route the prediction‑market industry, change tax revenue streams, and set a precedent for how regulators treat emergent crypto products.