A Halt in the Prediction Market Game? 💣🎲💳
Tennessee Joins States Resisting Prediction Markets Advancement
By: Mike "Vegas" Savio | April 17, 2025 02:15
Take a seat, buckle up, and grab your popcorn! The world of sports betting has taken a wild turn, and it's time to share the latest scoop with you.
Here's the deal, folks: the thrilling game of sports prediction markets in Tennessee might be facing a major halt. Hold on to your seats, because things are getting interesting!
Tennessee's Sports Wagering Council (SWAC) has asked the Commodity Futures Trading Commission (CFTC) to clamp down on sports event contracts available on prediction market platforms regulated by the CFTC. The SWAC, Tennessee's regulatory body for sports betting, sent a letter to the CFTC's Acting Chair, Caroline Pham, stating these sports event contracts are plain illegal under Tennessee law – specifically, the Tennessee Sports Gaming Act – and are being offered despite blatantly disregarding the state's laws and regulatory protections[1][3][5].
So, what's next? Tennessee isn't the only state with concerns about these prediction market offerings; Illinois, Maryland, Montana, Nevada, New Jersey, Ohio, and Michigan have also raised red flags about the legality of these markets within their respective jurisdictions. As for other states, some have taken more direct enforcement measures, but Tennessee has kept focusing on urging the federal regulator to make a move[3][5].
Now, here's the kicker: Tennessee hasn't slapped any cease-and-desist letters on the prediction market operators directly, but it's aligning with other states in putting pressure on the CFTC to make a ruling on these markets[3][5]. As we speak, the CFTC is reviewing the matter, following a scheduled April 2025 roundtable on prediction markets[1]. But, as of mid-May 2025, the CFTC hasn't made an official ruling or banned these prediction markets from operating under its jurisdiction[1].
But fear not, sports fans! The world of sports betting is always full of twists and turns, and this is just another intriguing chapter in the global gaming industry. So sit back, relax, and keep an eye on this development – the show must go on! 🚀🎰💸
Want more hot takes, insider insights, and expert analysis from one of the industry's most trusted insiders? Head on over to casinos.com and check out all the wonderful articles from Mike "Vegas" Savio! 🏆🎟️🏃♂️
- Mike "Vegas" Savio hints at potential turmoil in the online casino industry, specifically sports betting, as Tennessee's Sports Wagering Council has requested the Commodity Futures Trading Commission to halt sports event contracts on prediction market platforms, citing violations of the Tennessee Sports Gaming Act.
- The issue is not exclusive to Tennessee, as Illinois, Maryland, Montana, Nevada, New Jersey, Ohio, and Michigan have also raised concerns about the legality of such markets within their respective jurisdictions.
- The CFTC is currently reviewing the matter and has not made an official ruling regarding the operation of these prediction markets under its jurisdiction. However, the ongoing discussions hold the potential to impact not only online casinos but also casino-and-gambling industries across the United States.
