Sen. John Curtis warns prediction markets undermine Utah’s anti-gambling laws
Utah Sen. John Curtis argues prediction markets resemble betting and threaten state gambling bans.Summary
Utah Sen. John Curtis raised concerns about prediction markets during a Senate committee hearing, noting their structural similarity to betting markets. He argued that these markets allow users to evade state laws that prohibit gambling, particularly in Utah, which bans gambling in all forms. Curtis pressed federal officials on whether prediction markets meet the definition of gambling, asking if constituents would view them as such. The scrutiny comes amid renewed attention to prediction markets following allegations of insider trading on platforms like Polymarket and Kalshi. Curtis has previously introduced legislation to prohibit prediction markets from listing sports-related contracts or casino-style games, aiming to close loopholes that enable companies to circumvent state gambling regulations. Other lawmakers have also expressed concerns, with the Senate unanimously approving a policy banning senators and staffers from using these markets.
(Source：Salt Lake City Deseret News)