US lawmakers introduce bill to ban sports betting on prediction markets

A bipartisan bill has been introduced in the U.S. Congress to prohibit betting on sports and casino-style games on prediction market platforms like Kalshi and Polymarket, The Wall Street Journal exclusively reported. The legislation, led by Rep. Adam Schiff (D-CA) and Rep. John Curtis (R-UT), would explicitly bar companies regulated by the Commodity Futures Trading Commission (CFTC) from listing contracts on professional and college sports, as well as 'casino-style' games such as slot machines, video poker, and blackjack. The Journal noted that while platforms like Polymarket and Kalshi currently compete with traditional sports betting firms such as FanDuel by offering yes-or-no wagers on topics ranging from politics to sports, the bill is seen as an effort to place such activities under state government control.