I'm curious to see how this works out, because sports betting is _not_ in the CFTC's remit, and Kalshi etc's argument that states can't regulate them because they're not technically sports betting is contrary to the spirit of the law
> because sports betting is _not_ in the CFTC's remit
Traditionally it has not been, but the current CFTC says that 'prediction bets on sports' ARE under their purview. This has not been fully challenged in court, though.
If Congress intended for the CFTC to regulate sports betting, it would have had that language in the act that originated the agency. It's telling that only recently the CFTC has discovered such authority. No previous leadership of the CFTC read the act to mean what the current leadership thinks it means.
Have you heard of Betfair? A UK company which has done "prediction markets" since 2000. In the Europe it is called a betting exchange and regulated like sports betting. And betting pools is another form of betting which is way older than that and there are no house in them either.
And by your argument poker or backgammon would not be gambling either.
And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.
