Headline: US Senators Introduce Bill to Ban Sports Betting on Prediction Markets
Date: March 24, 2026
Category: Regulation & Legislation
Summary:
In a significant move to curb competition for traditional sportsbooks, US Senators Adam Schiff (D-CA) and John Curtis (R-UT) have introduced a bipartisan bill aimed at banning sports betting on prediction market platforms. The proposed legislation would prohibit platforms like Kalshi and Polymarket from offering contracts tied to sports outcomes or casino-style games. The bill is seen as a direct response to the growing popularity of these platforms, which have been operating in a regulatory gray area under the oversight of the Commodity Futures Trading Commission (CFTC). The introduction of the bill has already had a market impact, with shares of DraftKings and Flutter Entertainment (FanDuel’s parent) rising as investors anticipate reduced competition .
