Unified US Push to Secure Sports Betting Laws
HighlightsÂ
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The Nevada Attorney General has filed an amicus brief with the Fourth Circuit.
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Kalshi and other similar platforms defend by claiming their services are not gambling, but financial trading.
Aaron D. Ford, Nevada Attorney General, on Christmas Eve, announced that he helped to lead a coalition of 37 states and the District of Columbia submitting an amicus brief to the Fourth Circuit. This move supports state authority to regulate sports betting within their borders.
In a press release, Ford said that the state of Nevada has been prominent for sports wagering. He also mentioned that state-level regulation for a long period of time has been maintaining the integrity of sporting events and addressing issues like underage gambling.
This directly challenges the prediction market, which thinks it can operate nationwide due to regulations by the US Commodity Futures Trading Commission (CFTC). He further added that Congress did not strip states of their regulatory power over sports wagering, as unregulated betting could hamper the balance of state control.Â
Even though Kalshi and other prediction markets assert that their services are associated with financial trading and not gambling, regardless of what they assure about their services, Kalshi still continues to face legal challenges across the US with states and tribal authorities.Â
For more information, Refer Here!
In a press release, Ford said that the state of Nevada has been prominent for sports wagering. He also mentioned that state-level regulation for a long period of time has been maintaining the integrity of sporting events and addressing issues like underage gambling.
This directly challenges the prediction market, which thinks it can operate nationwide due to regulations by the US Commodity Futures Trading Commission (CFTC). He further added that Congress did not strip states of their regulatory power over sports wagering, as unregulated betting could hamper the balance of state control.Â
Even though Kalshi and other prediction markets assert that their services are associated with financial trading and not gambling, regardless of what they assure about their services, Kalshi still continues to face legal challenges across the US with states and tribal authorities.Â
For more information, Refer Here!
