U.S. Senators John Curtis (R-UT) and Adam Schiff (D-CA) introduced bipartisan legislation on Mar. 23 to prohibit Commodity Futures Trading Commission (CFTC) registered entities from listing any prediction contract that resembles a sports bet or casino-style game.
The issue has gained attention as sports prediction contracts, which are offered in all fifty states, have become nearly indistinguishable from gambling and have seen rapid growth with little oversight. The senators say the Prediction Markets Are Gambling Act aims to clarify regulatory jurisdiction and ensure states retain authority over sports betting and casino gaming.
“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” said Senator Curtis. “Our bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming. The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families, and keeping speculative financial products out of spaces where they don’t belong.” Senator Schiff added: “Sports prediction contracts are sports bets—just with a different name. And yet, these contracts are currently offered in all fifty states in clear violation of state and federal law. Rather than enforce the law, the CFTC is greenlighting these markets and even promoting their growth. It’s time for Congress to step in and eliminate this backdoor which violates state consumer protections, intrudes upon tribal sovereignty, and offers no public revenue. I’m proud to partner with Senator Curtis to put a stop to these illegal markets.”
Currently, platforms list high-volume sports contracts such as March Madness winner predictions exceeding $100 million in trading volume while Super Bowl-related trading surpassed $1 billion in 2026 alone. These activities occur even in states like Utah where all forms of gambling are prohibited by law.
For fifteen years the CFTC enforced its authority prohibiting contracts related to gaming but has recently reversed course by intervening in litigation processes and partnering with organizations such as Major League Baseball.
Senator Curtis serves on multiple committees representing Utah in the Senate while advocating for conservative environmental solutions focused on supporting small businesses; he has also passed significant legislation addressing issues like public land management according to the official website. He previously served two terms as mayor of Provo according to his official website.
The bill seeks not only to reinforce Congress’ original intent that the Commodity Exchange Act does not permit sports gambling but also removes ambiguity from existing statutes.
