Prediction markets spend millions to influence state, federal governments
Prediction market platforms have spent at least $3 million on lobbying and campaign contributions this year. These platforms offer contracts to speculate on future events.
Prediction market platforms say they are like commodity markets that offer contracts to speculate on the future price of corn or oil — not sportsbooks that allow gamblers to place bets. But many states reject those justifications, arguing the platforms offer a backdoor to skirt state gambling regulations, particularly on sports.
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