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In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
Sep 1, 2026
In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
The ongoing legal battle over whether the federal Commodity Futures Trading Commission (“CFTC”) or state regulators have the authority to regulate sports-related prediction markets is heating up. Last week, the U.S. Court of Appeals for the Ninth Circuit turned away a challenge by Kalshi, the largest prediction market in the United States, to the Nevada…
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
Aug 17, 2026
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
The Commodity Futures Trading Commission (CFTC) recently issued guidance directed to designated contract markets (DCMs) concerning the marketing and offering of event contracts. The guidance was addressed to DCMs because no swap execution facilities (SEFs) currently list event contracts. However, the CFTC’s analysis is equally applicable to futures commission merchants (FCMs) and introducing brokers (IBs),…
Betting on Technology: Bipartisan Proposal for Requiring Facial Recognition to Keep Minors from Wagering Online
Jul 29, 2026
Betting on Technology: Bipartisan Proposal for Requiring Facial Recognition to Keep Minors from Wagering Online
“As every parent knows, when you tell a kid not to do something, they almost always end up trying to do it,” said Congresswoman Kristen MacDonald Rivet (MI-8) about the recently introduced bipartisan “Facial Recognition to Protect Children Act” (“proposed Act”).[1] She continued, “[k]ids under the age of 18 shouldn’t be making bets, but now…
Cold Water on Insider Trading Fears: Prediction Markets Miss the 2026 NFL Draft
Apr 29, 2026
Cold Water on Insider Trading Fears: Prediction Markets Miss the 2026 NFL Draft
From April 23 to April 25, the National Football League (“NFL”) held its annual player selection draft. Over 800,000 fans gathered in Pittsburgh, Pennsylvania to watch Commissioner Roger Goodell announce the picks live, with millions more watching on TV and other digital platforms.[1] But the NFL Draft is not just a spectator event—both traditional sportsbooks…
Peering into the Future: Kids, Games, and Regulation
Apr 10, 2026
Peering into the Future: Kids, Games, and Regulation
This March, a California jury found Google and Meta (which operates Facebook, Instagram, and other websites) liable for negligently causing a child user’s depression and anxiety. Driven by a desire to protect children from perceived vices,[1] this is likely to be the first in a wave of new lawsuits and legislation aimed at regulating online…
Major League Development: CFTC and MLB Agree to Monitor the Integrity of Prediction Markets
Mar 19, 2026
Major League Development: CFTC and MLB Agree to Monitor the Integrity of Prediction Markets
In a watershed moment for the prediction market industry, the Commodity Futures Trading Commission (“CFTC”) signed a Memorandum of Understanding (“MOU”) with Major League Baseball (“MLB”) today. According to the CFTC’s press release, the groundbreaking agreement “establishes a framework for the CFTC and MLB to discuss, cooperate, and exchange information concerning issues of common interest…
The United Kingdom Institutes a Voluntary Code of Good Practice for Operators of Prize Draws
Nov 26, 2025
The United Kingdom Institutes a Voluntary Code of Good Practice for Operators of Prize Draws
The United Kingdom has published a Voluntary Code of Good Practice for operators of prize draws and competitions (“PDCs”).[1] The Code contains a wide range of key measures that operators are expected to implement to improve player safety and transparency. Because the Code is voluntary, operators are not legally bound to abide by it. However,…
Practice, Study Hall and Sports Betting? NCAA Set to Allow College Athletes to Bet on Professional Sports
Oct 10, 2025
Practice, Study Hall and Sports Betting? NCAA Set to Allow College Athletes to Bet on Professional Sports
First came the name, image, and likeness deals, and now…sports betting. Following a trend of eliminating certain restrictions on collegiate student-athletes, the NCAA’s Division I Administrative Committee just approved a proposal that removes the ban on student-athletes and athletic department staff engaging in sports betting on professional sports. Division II and Division III officials must…
YouTube Fills Federal Policing Void on Gambling
Mar 17, 2025
YouTube Fills Federal Policing Void on Gambling
The ultimate inhibitor of the regulated gambling industry is the illegal ever-present offshore market. The regulated industry has been consistently asking for assistance from law enforcement to assist them in stamping out the illegal market – that, unlike the regulated industry, is not required to abide by any of the mechanisms that protect consumers. The…
Missouri Votes for Legalized Online and Retail Sports Betting
Nov 6, 2024
Missouri Votes for Legalized Online and Retail Sports Betting
Yesterday, the citizens of Missouri voted in favor of Amendment 2 to legalize online and retail sports betting by a small margin of under 7,500 votes. Missouri is now set to be the 39th state to legalize sports betting. Under the amendment, the retail and online sports wagering rights were granted to Missouri casinos and…
