According to sources quoted in the Wall Street Journal, a new $1 billion financing round led by investment company Coatue Management has pushed Kalshi to reach a valuation of...
New bill to ban sports prediction markets at federal level
On March 23, 2026, two U.S. Senators moved to introduce a new bill called “The Prediction Markets Are Gambling Act”, which would ban prediction market operators from offering sports and gambling-style activities.
Senators Adam Schiff and John Curtis are behind the measure, as the pair is set to introduce new legislation targeting operators managed by the Commodity Futures Trading Commission (CFTC).
According to the bill, operators would be banned from offering contracts connected to sports events and those that are similar to casino-type products like slot machine games, video poker, blackjack, and bingo.
Senator Schiff commented:
“Sports prediction contracts are sports bets, just with a different name. These contracts are currently offered in all fifty states in clear violation of state and federal law. 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.”
Senator Curtis added:
“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 Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families, and keeping speculative financial products out of spaces where they don’t belong.”
This legislation marks the first case of a bipartisan attempt by Senators to fight against prediction markets.
The Kentucky House has passed House Bill 904, which aims to change the state’s gambling framework by raising the minimum age for sports betting and banning prop bets...
