Gambling Commission clarifies regulatory position on prediction markets in the UK
Director of Strategy Brad Enright explained that prediction markets would likely fall within the definition of a "Betting Intermediary" under UK legislation.
Director of Strategy Brad Enright explained that prediction markets would likely fall within the definition of a "Betting Intermediary" under UK legislation.
OG will be powered by CDNA, a CFTC-registered exchange and clearinghouse serving as an affiliate of Crypto.com, and include event contracts on sports, entertainment, finance and more.
The NGCB filed its complaint in Carson City District Court on February 2, confirming it evaluates sports event contracts, or certain other event contracts, as wagering under state guidelines.
AG Letitia James issued a consumer alert on the potential harms of both sports betting and prediction markets, believing residents ‘need to know the significant risks’ of such offerings.
Judge Jason Woodbury ruled the Commodity Exchange Act does not vest exclusive jurisdiction in the CFTC, while the temporary restraining order will remain in effect for 14 days.
The remarks included plans to withdraw proposed restrictions on sports and political event contracts and to introduce a new rulemaking framework aimed at providing regulatory certainty for prediction markets.
The crypto-exchange has gone live in the US with its Kalshi-powered prediction market platform, first announced in December.
The campaign will look to highlight the CFTC’s regulatory oversight of prediction markets and dispel recent concerns regarding insider trading and unlicensed platforms.
Following new gambling revisions introduced in Utah, the state of sports betting has become relatively unclear for regulators, especially as prediction markets and prop bets continue to expand.
New product supports operator diversification across emerging market formats.