Senators at a Commerce Committee panel hearing aired concerns Wednesday about rapidly growing prediction markets, appearing largely unswayed by industry arguments that they are not a form of betting subject to state regulation.
Members of the committee’s Consumer Protection, Technology and Data Privacy Subcommittee were in agreement at a hearing that sports “event contracts” on prediction markets bear a strong resemblance to traditional sports betting. They also shared worries about all forms of betting affecting the integrity of sports.
