Tribal Organizations Urge CFTC to Classify Prediction Markets as Gambling

Leaders of tribal organizations urged the U.S. derivatives regulator to classify sports prediction markets as gambling rather than trading, amid ongoing legal debates about regulatory authority over this multibillion-dollar industry. At a recent meeting, tribal leaders discussed their concerns with agency employees and Chairman Michael Selig, who maintains that the Commodity Futures Trading Commission (CFTC) has sole authority over federally licensed prediction markets. They argued that sports prediction markets should be viewed primarily as a form of gambling.