US CFTC in talks with pro sports leagues on prediction market oversight

The U.S. Commodity Futures Trading Commission (CFTC) is in discussions with major professional sports leagues to strengthen its oversight of sports-based prediction markets, CoinDesk reported. CFTC Chairman Michael Selig stated that the agency has already signed a data-sharing memorandum of understanding (MOU) with Major League Baseball (MLB) and is in talks with other pro leagues. Selig explained that sports event contracts are federally regulated derivatives, not simple gambling. He added that the CFTC has already filed five to six lawsuits against state governments attempting to restrict these markets.