Three bills targeting prediction markets landed in Congress this month, but none of them are going anywhere, according to TD Cowen.
DraftKings Inc (NASDAQ:DKNG) and Flutter Entertainment plc (NYSE:FLUT) jumped as much as 7% Monday after Senators John Curtis (R-Utah) and Adam Schiff (D-Calif.) introduced the Prediction Markets Are Gambling Act, a bipartisan bill that would ban CFTC-regulated platforms like Kalshi and Polymarket from listing sports or casino-style contracts.
The Three Bills
The Schiff-Curtis bill is the headliner but it’s not alone.
Senator Chris Murphy (D-CT) introduced legislation on March 18 that would bar contracts on government actions, terrorism, and war.
Senators Richard Blumenthal (D-CT) and Andy Kim (D-NJ) filed a third bill on March 11 to let states regulate prediction markets directly and impose insider trading bans.
TD Cowen analyst Jaret Seiberg called all three “messaging …
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