Maksym Shtun, Product Owner at Slotegrator, discusses the growth of prediction markets and their differences from traditional sportsbooks. He highlights the regulatory structure in the U.S. and the global trends driven by crypto adoption and technology.
The 6th U.S. Circuit Court of Appeals has ruled that Ohio and Tennessee can apply their gaming laws to sports event contracts, adding to the legal uncertainty in the prediction markets sector. Kalshi, a prediction market platform, argued that it does not expect the decision to survive further legal review.
Former New Jersey Governor Chris Christie urges regulators to take action against prediction markets, citing unlicensed gambling and targeting of youth. New York's Attorney General Letitia James has already filed a lawsuit against Polymarket U.S.
The legality of prediction markets is heading to the Supreme Court, with a ruling expected by June 2024. The industry has been locked in legal battles over the last two years with gaming regulators in both state and federal courts.
The Commodity Futures Trading Commission has advised prediction market platforms to avoid using American-style odds, citing potential mislead and lack of market depth. The guidance comes amidst ongoing debates about the nature of prediction markets.
Novig, the fastest-growing sports prediction market in America, has launched its federally regulated sports prediction market across the United States, offering deeper liquidity, enhanced market quality, and a variety of payment options.