Opinion

SEN DAVE McCORMICK: Prediction markets are booming. Washington must catch up

The costs of inaction are clear — risks to consumers and a growing likelihood that this burgeoning industry will move off-shore

By David McCormick Fox News

Published May 6, 2026 5:00am EDT

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Prediction markets are on fire. Last year, there was about $51 billion in total transaction volume on prediction markets. This year, volume exceeded $60 billion in just three and a half months, including over 192 million unique prediction market transactions and over 865,000 active users in March. Some estimates predict this market could grow to $1 trillion over the next several years.

Given this massive influx of retail participation in these markets, we need to update the regulatory framework to protect investors, strengthen market integrity,........

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