U.S. Senators John Curtis (R-Utah) and Adam Schiff (D-Calif.) introduced the Prediction Markets Are Gambling Act on Mar. 23, aiming to prohibit Commodity Futures Trading Commission (CFTC) registered entities from listing any prediction contract that resembles a sports bet or casino-style game.
The legislation seeks to clarify regulatory authority over sports betting and casino gaming, ensuring that states retain control over these activities rather than federal regulators. This comes as prediction market platforms have seen rapid growth in sports-related contracts with high trading volumes across all fifty states, including those where gambling is restricted.
“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” said Senator Curtis. “Our bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming. The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families, and keeping speculative financial products out of spaces where they don’t belong.”
Senator Schiff said: “Sports prediction contracts are sports bets—just with a different name. And yet, these contracts are currently offered in all fifty states in clear violation of state and federal law. Rather than enforce the law, the CFTC is greenlighting these markets and even promoting their growth. 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. I’m proud to partner with Senator Curtis to put a stop to these illegal markets.”
According to the official website of Senator Curtis, he serves on multiple committees representing Utah in the Senate while advocating for conservative environmental solutions focused on supporting small businesses (official website). He has founded the Conservative Climate Caucus—an initiative aimed at promoting sustainable practices—and previously served two terms as mayor of Provo (official website). The site also notes that Curtis ranks among the most effective Republican members of Congress (official website) while raising six children and seventeen grandchildren with his wife Sue (official website).
The proposed act would reinforce Congress’s original intent regarding the Commodity Exchange Act by making it clear that it does not permit sports gambling through federally regulated exchanges.
