TLDR The NFL asked the CFTC to set stricter rules for sports event contracts, including a minimum trading age of 21. New York sued Kalshi for $36 billion, arguing its sports markets are illegal gambling. The New York Mets signed a deal with prediction market platform Novig one day before the state sued Kalshi. A Minnesota judge blocked the state’s ban on prediction markets, letting Kalshi and Polymarket keep operating. A Wisconsin judge ruled the state can keep enforcing gambling laws against Kalshi and four other platforms.
The NFL sent a letter to the Commodity Futures Trading Commission this week asking for stronger rules on sports event contracts. The league wants the agency to require traders to be at least 21 years old.
NFL Executive Vice President Jeff Miller called the contracts “innovative” in an interview with Front Office Sports. He also said the league needs more regulatory clarity before deciding how to move forward.
NFL Wants Bans on Certain Bets
The NFL is asking the CFTC to ban micro-bets, player prop bets, and award markets. The league says these types of bets are easier for a single player to manipulate.
The NFL joined the NBA and NCAA in calling for the age requirement. All three leagues have dealt with insider trading cases over the past year.
The NFL said the CFTC’s current draft rules fall short of protecting fans and the integrity of sports. The public comment period on the draft closed on July 27.
New York Sues Kalshi as Mets Sign Deal
New York Governor Kathy Hochul and Attorney General Letitia James announced a lawsuit against Kalshi on Friday. The state is seeking $36 billion in damages.
The lawsuit claims Kalshi’s sports markets meet the legal definition of gambling. It also argues Kalshi avoided taxes