Sen. Adam Schiff (D-CA) and Sen. John Curtis (R-UT) appeared on CNBC to push their Prediction Markets Are Gambling Act, introduced March 23, and they came armed with sound bites.
“If it acts like gambling, if it looks like gambling; it is gambling,” Curtis said. “That’s been very clear where that belongs.”
The bill would bar any CFTC-registered platform from listing contracts tied to sporting events or athletic competitions.
That puts Kalshi and Polymarket squarely in the crosshairs, but the collateral damage may be wider than the two prediction markets.
The DraftKings Whiplash
DraftKings Inc. (NASDAQ:DKNG) gapped up nearly 4% Monday when the bill dropped.
Investors saw it as Congress killing a competitor.
Today the stock reversed hard, falling more than 6% to around $22, as traders realized DraftKings Predictions, the company’s own CFTC-regulated event contracts product, would also be banned under the legislation. …
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