US Senators Adam Schiff and John Curtis are preparing a bipartisan bill to ban sports betting and casino-style contracts on prediction markets regulated by the Commodity Futures Trading Commission.
The proposed legislation would restrict platforms such as Polymarket and Kalshi, where sports-related contracts account for a significant share of trading volume.
“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.
Sports betting contracts currently drive a large portion of activity, accounting for nearly half of Polymarket’s weekly volume and more than three-quarters of Kalshi’s.
The proposal follows broader regulatory scrutiny, including Schiff’s earlier DEATH BETS Act targeting contracts linked to war, terrorism and assassination events.
Regulators are also examining whether prediction markets fall under federal commodities law or state gambling rules, creating legal uncertainty for operators.
Recent court rulings in Ohio and Nevada have challenged federal jurisdiction claims, highlighting a growing conflict between state and federal oversight of prediction market platforms.