The National Football League has entered before the highest court in the land to seek classification of prediction markets as gambling apps.
\n\nThe NFL has filed an amicus brief supporting the state of New Jersey and 40 other states, arguing that prediction markets like Kalshi, which provide gambling information and offer sports bets, essentially operate as gambling apps and should be regulated as such.
\n\nThe emergence of prediction platforms not expressly connected to or self-identified as gambling apps, such as Kalshi and Polymarket, has opened a new frontier in the world of sports gambling, and leagues and government agencies are still coming to grips with how they should be regulated.
\n\nProposed restrictions include a minimum age of 21 and state taxes, similar to those imposed on gambling apps.
\n\nThe NFL feels compelled to act, in large part, due to the sheer amount of prediction market trading centered on football. The league claimed in its brief that on the first Sunday of the season, the NFL accounted for $1.8 billion, more than half of all prediction market trading.
\n\n“The apps are currently regulated as securities trading by the Commodity Futures Trading Commission, an approach critics have described as a loophole for…
Original source: https://www.breitbart.com/tech/
