The Digester

Former Rep. Mick Mulvaney argues that many U.S. prediction market platforms are functioning as unregulated sports-betting services by relying on CFTC oversight, and he is leading a consumer coalition to press for state-level regulation and protections.

Mulvaney says platforms like Kalshi and Polymarket primarily host sports wagers, and Kalshi has claimed sports account for as much as 90% of activity.
He argues the Commodity Futures Trading Commission is allowing these platforms to bypass state and tribal frameworks and offer unregulated online sports wagering nationwide.
Mulvaney points to the Supreme Court’s 2018 Murphy v. NCAA decision that left sports betting regulation to the states and says Congress never gave the CFTC authority to regulate online sports bets.
He warns prediction markets are marketing to and reaching users in states that have not legalized online sports betting, potentially exposing underage users and evading state taxes and safeguards.
Mulvaney is leading the Gambling is Not Investing coalition to push for treating these platforms as sports betting and enforcing age limits, responsible gaming tools, taxes, and state and tribal rules.

Mulvaney: So-called prediction markets are operating as sports betting platforms

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