This is Not a Bet

Nearly a third of all World Cup bets were placed on prediction market sites. But the federal government is betting no one will notice that they are online casinos. “For users, prediction markets operate almost indistinguishably from online betting platforms. However, they are technically investment sites. As such, they are not constrained by state and tribal gaming law. They are available in all 50 states — even those with no gambling — and the prediction market companies pay no state taxes.” Well, at least the states can regulate them, right? Not if the Trump administration has its way. The Commodities Futures Trading Commission “is doing its utmost to effectively nationalize gambling, leaving states powerless to control what has historically been under their domain.” The federal government typically left gambling to the states — until the prediction markets. These days, when it comes to ethical governance intended to benefit the greater good, bet the under.