Prediction Markets Face New Restrictions, Bipartisan Backlash

0:00Two of the biggest prediction market platforms, Kalshi and Polymarket, rode out new restrictions this Monday. This came right after two senators from different parties introduced a bill that could wipe out their sports betting contracts. The legislation called the Prediction Markets are Gambling Act, targets a huge chunk of their recent growth. Kalshi banned political candidates from betting on their own races and blocked athletes or sports employees from trading related events. Polymarket updated its rules to stop anyone with inside info or influence over outcomes like athletes, officials, or policymakers from participating. The moves aimed to calm critics amid past scandals, including big wins on Polymarket from bets ahead of military actions in Iran and Venezuela. Traditional sports books like Fan Dool and Draft Kings saw their parent company shares jump sharply that day. States like Utah have already cracked down, expanding gambling laws to include these platforms and others have banned them outright.

1:02By partisan pushback is growing, even as the federal regulator, the commodity futures trading commission supports the industry and backs legal fights against states. Ties to President Trump's family at another layer with his son invested in Polymarket and advising Kalshi as the debate heats up over whether these, markets are innovative tools or disguise gambling. This has been Vancouver News today, powered by AI. I'm Corey with The Story.