Lawmakers Eye Bipartisan Crackdown On 'Prediction Market' Gambling
HuffPost
But members of Congress aren't interested in slowing the surge of online betting that's invaded professional sports.
WASHINGTON — America’s big online gambling boom has finally caught Congress’ attention.
Republicans and Democrats have introduced multiple proposals, including several just this week, to outlaw “prediction market” betting on sports and also on world events.
The proliferation of online betting started with a 2018 Supreme Court decision striking down a federal law barring bets on professional sports. In the eight years since, the amount Americans bet on sports annually has exploded from $7 billion to $167 billion, according to the industry, while since last year prediction markets have expanded wagering from sports to elections and even wars.
Some members of Congress have seen enough. Sens. Adam Schiff (D-Calif.) and John Curtis (R-Utah) introduced legislation on Monday targeting prediction markets for sports just days after Major League Baseball and Polymarket announced a gambling deal with full blessing from President Donald Trump’s administration.
“This is just spiraling out of control. And I think on a very bipartisan basis, there is a tremendous amount of concern about where this is heading, how easily it can be manipulated, how vast the expansion will be of gambling,” Schiff told HuffPost.
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