Senators introduce bipartisan bill to ban sports betting on prediction markets

Summary: Senators Adam Schiff and John Curtis want to stop people from using "prediction markets" to bet on sports. Websites like Kalshi and Polymarket let users bet on sports, elections, and even world events. They call it "trading contracts," which puts them under federal rules instead of state gambling laws. But lawmakers say this is just a sneaky way to run a casino. They worry these apps expose young people to serious gambling addiction and bypass state laws meant to protect families.

These betting apps are incredibly popular, seeing billions of dollars in trades. They are even opening free grocery stores and trading-themed bars to get new users! Because people are watching them closely, Kalshi recently said it will stop athletes from betting on their own games and politicians from betting on their own campaigns. Now, the Senate wants to ban sports betting on these apps completely, and states like Arizona are already charging them with running illegal gambling operations.

For more details, see nbcnews at nbcnews.com/tech/tech-news/sports-betting-gambling-prediction-market-kalshi-polymarket-ban-senate-rcna264734 (opens in new tab)