Chris Christie Calls for Crackdown on Prediction Markets

Former New Jersey Governor Chris Christie has called for stricter regulation of prediction markets and interactive gambling. Speaking at the Granite State Summit on Responsible Gaming on Thursday, September 24, in New Hampshire, Christie described prediction markets as unlicensed and unregulated sports betting companies that are making significant profits.

Christie urged state Attorneys General to take immediate action against prediction markets, including sending cease-and-desist letters and suing if necessary. He mentioned that prediction markets are targeting youths to place sports bets, as they can legally accept anyone who is at least 18 years of age, unlike sportsbooks which cannot offer their products to anyone under the age of 21.

New York's Attorney General, Letitia James, has already taken action by filing a lawsuit against Polymarket U.S., a popular local platform offering event contracts, including sports event contracts. Christie noted that prediction markets do not pay tax rates as high as 50% in New York, referring to the sports betting tax there.