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NFL Sides With States in Prediction Market Battle
Newser • • business
Key Points:
- The NFL, supported by 40 states, is urging the Supreme Court to clarify whether federal regulators or individual states should govern prediction markets related to sports betting, emphasizing concerns over game integrity.
- The league argues that contracts based on game outcomes constitute sports gambling and should be regulated under state laws, not as complex financial instruments overseen by the Commodity Futures Trading Commission (CFTC).
- On the first Sunday of the NFL season, over half of the $3.3 billion traded in prediction markets involved NFL games, highlighting the significance of state regulation in this area.
- Attorneys general from 39 states and Washington, DC, contend that states have traditionally held authority over sports gambling and reject attempts by prediction markets to bypass state laws through federal regulatory loopholes.
- The NFL's priority remains protecting the integrity of its games and fans as legal sports betting expands across states, urging a resolution before the current season concludes.
