Gensler Says Prediction Market Sports Contracts Are Just Bets

Gary Gensler , a former chairman of the Commodity Futures Trading Commission (CFTC), disagrees with the current CFTC on the issue of sports betting versus swaps. While the CFTC says trading around the outcomes of sports events on prediction markets are swaps that are within its jurisdiction, Gensler said that they are sports bets that are regulated by the states, Bloomberg reported Friday (June 12). Gensler told Bloomberg in an interview that the 2010 Dodd-Frank Act, which he helped implement, d