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Attorney General leads movement on prediction markets

(PRESS RELEASE) -- Attorney General Jennifer Davenport today co-led a bipartisan coalition of 41 attorneys general in urging federal regulators to reaffirm that jurisdiction over sports gambling belongs to states.

“Prediction markets have no right to offer sports gambling in New Jersey in violation of the bedrock rules that other wagering operations follow,” Attorney General Davenport said. “States have had longstanding authority to oversee all gaming within their borders, which is important to protect residents from gambling addiction and deter insider trading. We call on the CFTC to stop their federal power grab and recognize this authority belongs with the States.”

The 41 attorneys general filed a formal comment with the Commodity Futures Trading Commission, arguing that prediction markets – platforms where users trade contracts on the outcome of future events – have effectively become unregulated sportsbooks.

“Any distinction between sportsbook bets and prediction-market bets is illusory,” the letter says. “On so-called ‘prediction markets,’ users can make all the same wagers they can make at a traditional sportsbook.”

The platforms, including Polymarket and Kalshi, allow users to place wagers on game winners, point spreads and player statistics, bypassing the consumer protections and tax requirements mandated by state gambling laws.

Those contracts are used for entertainment-based gambling rather than for financial risk management, and they fall outside the CFTC’s jurisdiction, the coalition says. The letter notes that gambling regulation is a state power under well-established case law.

The attorneys general caution that sports gambling without careful regulation poses serious risks to public health and financial security, with millions of Americans qualifying as problematic or pathological gamblers. The coalition asserts that states – not the CFTC – are best equipped to protect their residents from the associated harms.

The coalition’s letter responds to a CFTC request for public comment on proposed rules for prediction markets. The states urge the commission to confirm through rulemaking that it lacks jurisdiction over sports-related contracts, ensuring that the power to regulate or prohibit sports gambling remains with states.

“The CFTC should recognize the limits of its power and affirm that states have the expertise, experience and tools to regulate sports betting as they have for more than a century,” the letter says.

Joining Attorney General Davenport in the coalition are the attorneys general of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, and Wisconsin.

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