Cruz targets prediction markets with new state control bill
US Senator Ted Cruz plans to file the bill, according to Bloomberg Law.
The hit
US Senator Ted Cruz plans to introduce a bill putting state & tribal governments in control of sports contracts on prediction markets, according to Bloomberg Law. Cruz intends to file the legislation after the 3 November midterm elections. The bill would also stop prediction markets offering event contracts tied to gambling activities. The Texas Republican’s move would mark a significant shift in how sports-linked prediction contracts are overseen in the US.
Why it matters
Cruz’s bill would put state & tribal governments in charge of sports contracts on prediction markets.
The record
| Bill sponsor | US Senator Ted Cruz (R-TX) |
|---|
What happens next
Watch for detail on how state & tribal oversight of sports prediction contracts would be structured once Cruz files the bill.
Sources: Cruz bill would shift prediction market regulation of sports to states
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