Nevada Lawmakers Push to Ban Prediction Markets like Polymarket and Kalshi

Nevada Congressmen Steven Horsford (D) and Mark Amodei (R) have introduced a bipartisan federal bill that would ban prediction markets like Polymarket and Kalshi from offering sports betting and casino-style games.

The bill argues these platforms exploit a federal loophole, letting sports betting 'masquerade' as financial trading under CFTC oversight instead of following state gaming laws. Horsford explained that there is a strong rationale behind the proposed draft law, explaining that the gaming industry has been supporting hundreds of thousands of jobs and generating revenue that helps with public funding in key areas such as infrastructure, education, public safety, and other essential services.

Prediction market operators claim that their products cannot really be regulated under the terms of gaming laws, as the business model falls under the remit of the Commodity Futures Trading Commission. Another reason for the conflict stems from the fact that while prediction markets want to offer event contracts on pretty much everything - from the weather to political races- they are disproportionately and consistently driving the bulk of their revenue (90%) from sports.