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Lawmakers press witnesses on prediction markets and 'event contracts' as sports-betting and tribal concerns rise
Summary
Members pressed witnesses about whether event or prediction contracts that let people bet on sports, elections or wars fall under CFTC jurisdiction and whether they bypass state and tribal gambling protections; witnesses said statute gives CFTC discretion but called for congressional direction.
Several lawmakers pressed witnesses about a surge in ‘‘prediction markets’’ and event contracts offering bets on sporting events, public figures and geopolitical outcomes, questioning whether those contracts belong under the Commodity Futures Trading Commission’s remit.
Rep. Jim Costa said he sees "red flags" in event contracts and called them "unauthorized online gambling for everything from sports events to even…
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