Bipartisan Senate bill would ban sports betting on online prediction markets

Bill was introduced in the Senate on Monday as prediction market companies face greater scrutiny on state level

Prediction markets are facing fresh bipartisan scrutiny in the US Senate as companies like Kalshi and Polymarket continue to battle state-led efforts to regulate online betting.

A bill was introduced in the US Senate Monday that would ban federally regulated platforms from allowing wagers on sporting events, what would be a huge blow to marketplaces where billions of dollars have been traded on major events like the Super Bowl and the NCAA’s March Madness.