Senators Adam Schiff and John Curtis will introduce a bipartisan bill barring sports betting and casino-style contracts from prediction markets overseen by the Commodity Futures Trading Commission.
"Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators," said Senator Curtis.
The bill follows Schiff’s March 10 DEATH BETS Act, which targets war, assassination, and death-related contracts. Sports betting drives volume: 47.7% of Polymarket’s and 78.8% of Kalshi’s weekly notional volume last week came from sports.
The CFTC recently classified prediction market event contracts as a financial asset class and opened rulemaking on their regulation. Yet jurisdictional clashes persist: an Ohio judge rejected Kalshi’s preemption claim, and a Nevada judge temporarily blocked Kalshi from offering sports, election, and entertainment contracts in the state.