
Kalshi and Polymarket Face Senate Ban: End of Sports Betting on Prediction Markets?
A Republican and a Democrat just introduced a bill to ban sports betting on Kalshi and Polymarket. Kalshi is already facing criminal charges, a Nevada court ban, and lawsuits across multiple states. Sports contracts make up the majority of both platforms' trading volume - this bill goes after their core business. Prediction markets have spent months arguing they are not gambling. Congress is not convinced, and now both sides of the aisle are saying so in writing. On March 23, Senators Adam Schiff, a Democrat from California, and John Curtis, a Republican from Utah, introduced bipartisan legislation that would prohibit…
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