Prediction markets are not Web3 gambling, says crypto lawyer

Crypto attorney Aaron Brogan stated in an interview with CoinDesk that labeling prediction market platforms as "Web3 gambling" is inaccurate. Unlike traditional sportsbooks that take one side of a bet, prediction markets act as neutral intermediaries, profiting from transaction fees rather than user losses. In the U.S., federally registered prediction markets fall under Commodity Futures Trading Commission (CFTC) oversight, preempting state gambling laws. Brogan emphasizes that these markets are tools for hedging and understanding, not games of chance.