A new bill introduced in the Senate Monday would ban prediction markets like Kalshi and Polymarket from accepting or listing transactions related to sports events and casino-style games.
The bill, co-sponsored by Senator Adam Schiff, D-Calif., and John Curtis, R-Utah, is the first bipartisan legislation introduced in the Senate targeting the rise of sports betting on services like Polymarket and Kalshi. While traditional sports gambling is regulated by states, prediction markets utilize a different technical trading mechanism, via futures or commodity contracts, that fall under federal oversight.
“Sports prediction contracts are sports bets — just with a different name,” said Sen. Schiff in a statement announcing the bill’s introduction. “These contracts are currently offered in all fifty states in clear violation of state and federal law.”
“It’s time for Congress to step in and eliminate this backdoor which violates state consumer protections, intrudes upon tribal sovereignty, and offers no public revenue,” Schiff
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