NFL tells Supreme Court prediction markets are gambling and should be regulated by the states
The NFL urged the Supreme Court to let states regulate prediction markets, arguing they are gambling, not financial contracts.Summary
The NFL filed an amicus brief with the Supreme Court supporting New Jersey regulators against Kalshi, arguing that prediction market contracts are gambling and should be regulated by states, not solely by the federal Commodity Futures Trading Commission (CFTC). The NFL cited that football accounted for $1.8 billion in prediction market trading on the first Sunday of the season, and expressed concerns about manipulation of bets on field goals, injuries, and officiating, as well as the minimum betting age of 18 on Kalshi versus the 21 age limit most states impose. While the NFL is not opposed to prediction markets, it believes states, despite resource constraints, are better suited to oversee them, and it has an advertising ban on prediction platforms. Kalshi spokesperson Elisabeth Diana said the CFTC's ongoing rulemaking will address many concerns, and that Kalshi has repeatedly tried to collaborate with the NFL without response. Commissioner Roger Goodell emphasized patience, and other leagues like the NHL and MLB have partnerships with prediction markets. The NFL's brief contends that regulating gambling is a state sovereign police power. Federal appeals courts have split on whether states can enforce gambling laws over the CFTC.
(Source：Cnbc)