Congress faces heated debate over sports prediction markets federal gambling regulatory authority

Congress is set to hear sharply conflicting testimony Tuesday (July 21) over who should regulate sports prediction markets and whether Congress should step in to redefine them as gambling instead of federally regulated financial products. The committee is expected to debate whether sports event contracts should continue under the oversight of the Commodity Futures Trading Commission through the Commodity Exchange Act or instead fall under the state and tribal gaming systems that oversee traditio