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CBS America

Rising concerns that prediction markets bypass state gambling laws

CBS America · 15 days ago
CBS America
CBS America
15 days ago

As prediction markets explode in popularity, there are concerns they may bypass state gambling laws. On Tuesday, Arizona's attorney general charged the prediction market Kalshi with operating an illegal gambling operation. A representative from Kalshi said it's not a gambling product, but an exchange overseen by strict Wall Street regulation.

Breakdown
  • Prediction markets let users profit from event outcomes despite gambling bans 11s
  • Platforms like cal sheet claim to be regulated exchanges, not gambling sites 16s
  • Utah senator backs a bill to block prediction markets due to gambling concerns 1m 43s
  • Federal regulator insists prediction markets are here to stay nationwide 2m 8s
  • Legal battles between states and federal agencies are expected 1m 56s
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