Trending Now - Senate Weighs Bipartisan Bill to Regulate Online Sports Betting

WHO:

Senators Adam Schiff (D-California) and John Curtis (R-Utah) are the sponsors of the legislation titled "The Prediction Markets Are Gambling Act."

Tarek Mansour, co-founder of Kalshi, reacted to the legislation on social media platform X.

Senators Adam Schiff and John Curtis introduced the bipartisan legislation.

The bill targets prediction markets like Kalshi and Polymarket.

WHAT:

The bipartisan Senate bill introduced on March 23rd, 2026, is described as the first of its kind to specifically target prediction markets for sports betting.

The bill would bar any entity registered with the Commodity Futures Trading Commission from listing or facilitating transactions linked to sporting events or athletic competitions.

The bill also prohibits “casino-style games” such as virtual poker, slot machines, and blackjack from being available on prediction-market platforms.

The legislation aims to amend federal law to prohibit "sports and casino-style event contracts" on platforms regulated by the Commodity Futures Trading Commission (CFTC).

The bipartisan Senate bill introduced on March 23rd, 2026, is described as the first of its kind to specifically target prediction markets for sports betting.

The bill would bar any entity registered with the Commodity Futures Trading Commission from listing or facilitating transactions linked to sporting events or athletic competitions.

Major League Baseball announced a partnership with Polymarket on March 17th, 2026, which may be affected if the proposed legislation becomes law.

The bill introduced on March 23rd, 2026, would prohibit prediction markets such as Kalshi and Polymarket from offering contracts tied to sports events and casino-style games.

The legislation would also ban casino-style games such as virtual poker, slot machines, and blackjack from being available on prediction-market platforms.

Kalshi has reportedly raised $1 billion in new financing.

The bill is designed to amend federal law to prohibit "sports and casino-style event contracts" on platforms regulated by the Commodity Futures Trading Commission (CFTC).

A class action complaint filed on March 20th, 2026, in Georgia named Kalshi and its co-founders, Tarek Mansour and Luana Lopes Lara, as defendants.

A bipartisan Senate bill seeks to ban sports betting and casino-style contracts on prediction markets.

The legislation aims to prevent CFTC-regulated entities from offering wagers on sports events.

WHERE:

The legislation is introduced in the United States Senate.

WHEN:

Arizona filed a 20-count complaint against Kalshi in Maricopa County on March 16th, 2026, accusing the company of accepting illegal bets on sports and elections.

A Nevada district court granted a temporary restraining order against Kalshi on March 17th, 2026, preventing it from offering event-based contracts related to sports, elections, and entertainment, with the next hearing scheduled for April 3rd, 2026.

A class action complaint was filed on March 20th, 2026, in Georgia, naming Kalshi and its co-founders, Tarek Mansour and Luana Lopes Lara, as defendants.

Arizona filed criminal charges against Kalshi on March 16th, 2026, accusing the company of accepting illegal bets.

A Nevada district court granted a 14-day temporary restraining order against Kalshi on March 17th, 2026, with the next hearing scheduled for April 3rd, 2026.

The bill was introduced in March 2026.

WHY:

Adam Schiff stated, “Sports prediction contracts are sports bets – just with a different name. It’s time for Congress to step in and eliminate this backdoor which violates state consumer protections, intrudes upon tribal sovereignty and offers no public revenue.”

Curtis stated, “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.”

Adam Schiff stated, “The CFTC is greenlighting these markets and even promoting their growth,” emphasizing the need for Congress to intervene.

Arizona Attorney General Kris Mayes stated, “Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law.”

Mike Dreitzer, chair of the Nevada gaming control board, said, “Prediction markets, to the extent they facilitate unlicensed gambling, are illegal in Nevada, and we have a statutory duty to protect the public. We want people in the state to wager safely at a licensed book.”

Kalshi responded, stating, “Banning sports on regulated prediction markets would just push this behavior offshore, where no regulation exists. It’s clear this bill is motivated by casino interests that are threatened by competition.”

Curtis stated, “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.”

The motivation behind the bill is to regulate and restrict sports betting activities on prediction markets.

HOW:

The Nevada judge's temporary restraining order prohibits Kalshi from operating in the state until its next hearing and bars users under 21 years old from using its platform.

The bill aims to clarify the regulatory powers between state and federal authorities regarding prediction markets, specifically targeting CFTC-regulated entities.

The legislation aims to clarify the regulatory powers between state and federal authorities regarding prediction markets.

The bill specifically targets CFTC-regulated prediction markets to prohibit them from accepting or listing transactions related to sports events.

(UPDATED March 24, 2026 13:40 UTC)

A bipartisan Senate bill introduced yesterday aims to amend federal law by specifically targeting prediction markets for sports betting, making it the first legislation of its kind. The bill would prevent any entity registered with the Commodity Futures Trading Commission from facilitating transactions related to sporting events and also prohibits casino-style games like virtual poker and blackjack on these platforms. Meanwhile, a Nevada judge has issued a temporary restraining order against Kalshi, halting its operations in the state until the next hearing and restricting users under 21 from accessing its platform.

(UPDATED March 24, 2026 11:27 UTC)

A bipartisan Senate bill introduced yesterday aims to be the first legislation specifically targeting prediction markets for sports betting, prohibiting any entity registered with the Commodity Futures Trading Commission from facilitating transactions linked to sporting events. This move comes as Major League Baseball recently partnered with Polymarket, a deal that could be impacted if the bill becomes law. Meanwhile, a Nevada judge has issued a temporary restraining order against Kalshi, preventing it from operating in the state until its next hearing and restricting access for users under 21 years old.

(UPDATED March 24, 2026 04:10 UTC)

Arizona has filed a 20-count complaint against Kalshi, accusing the company of accepting illegal bets on sports and elections, with the case initiated on March 16. Following this, a Nevada district court issued a temporary restraining order on March 17, preventing Kalshi from offering event-based contracts in the state, and a class action complaint was also filed in Georgia on March 20 against the company and its co-founders. The Nevada judge's order not only halts Kalshi's operations until the next hearing on April 3 but also restricts users under 21 from accessing its platform.

(UPDATED March 24, 2026 01:42 UTC)

A new bill introduced yesterday seeks to prohibit prediction markets like Kalshi and Polymarket from offering contracts tied to sports events and casino-style games, including virtual poker and slot machines. Congressman Adam Schiff argues that these sports prediction contracts are essentially sports bets and believes Congress should eliminate this backdoor that undermines state consumer protections and tribal sovereignty. In response, Kalshi, which recently raised $1 billion in financing, warns that banning sports on regulated prediction markets would simply drive this activity offshore, away from oversight.

(UPDATED March 23, 2026 21:32 UTC)

Senators Adam Schiff and John Curtis have introduced a new bill called "The Prediction Markets Are Gambling Act," which seeks to amend federal law to ban sports and casino-style event contracts on platforms overseen by the Commodity Futures Trading Commission. This comes on the heels of a class action complaint filed in Georgia against Kalshi and its co-founders, following criminal charges filed by Arizona for accepting illegal bets. Curtis emphasized the need for state control over these contracts, noting the rising exposure of young people in Utah to addictive sports betting and gaming.

(UPDATED March 23, 2026 15:37 UTC)

Today, Senators Adam Schiff and John Curtis introduced a bipartisan bill in the United States Senate aimed at banning sports betting and casino-style contracts on prediction markets like Kalshi and Polymarket. The legislation seeks to prevent CFTC-regulated entities from offering wagers on sports events, reflecting a growing concern over the regulation of these activities. By specifically targeting these prediction markets, the bill aims to restrict and regulate sports betting practices.