Cruz bill would shift prediction market regulation of sports to states
Photo: SBC Americas
KEY TAKEAWAYS Sen. Ted Cruz plans to introduce a bill after the midterms that would bar prediction markets from offering gambling-related event contracts, including sports, without state or tribal authorization. Texas bans sports betting, and Lt. Gov. Dan Patrick wants to close what he calls the prediction market “gambling loophole.” The proposal lands as federal appeals courts split on whether states can regulate Kalshi and as New Jersey asks the Supreme Court to settle the question. U.S. Sen. Ted Cruz (R-TX) plans to introduce legislation that would put state and tribal governments in control of sports contracts on prediction markets.
Source: SBC Americas
