Prediction markets like Kalshi and Polymarket have risen to fame in recent years. These companies offer bet-like predictions on everything from the outcome of a political election to the number of posts Elon Musk will make in a month, all the way to the outcome of a sporting event. The latter of these has come under fire in recent months as several states have claimed that these predictions are not legal in their state since they go against their state’s sports gambling regulations.

Other states do not allow legalized sports gambling and claim that these prediction companies should not be permitted to allow sports gambling at all. While these battles have ensued, not much progress has been made until now, as bipartisan legislation appears imminent that will put a stop to prediction market sports betting.

Proposed Legislation To Ban Sports Bets On Prediction Markets

On March 23, Sen. Adam Schiff, D-Calif., and Sen. John Curtis, R-Utah), will introduce legislation to prohibit prediction market companies from offering predictions on the outcome of sporting events, according to The Wall Street Journal. The legislation specifically calls for entities regulated by the Commodity Futures Trading Commission, which includes the two largest prediction market companies in Kalshi and Polymarket, to no longer be able to offer this “backdoor, which violates state consumer protections,........

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