{"id":3313,"date":"2026-07-05T20:12:27","date_gmt":"2026-07-05T20:12:27","guid":{"rendered":"https:\/\/americanmovershub.com\/?p=3313"},"modified":"2026-07-05T20:12:27","modified_gmt":"2026-07-05T20:12:27","slug":"opinion-prediction-markets-undermine-utahs-gambling-laws","status":"publish","type":"post","link":"https:\/\/americanmovershub.com\/?p=3313","title":{"rendered":"Opinion: Prediction markets undermine Utah\u2019s gambling laws"},"content":{"rendered":"
\n

Utahns have been crystal clear: gambling has no place in your state. Yet so-called \u201cprediction market\u201d platforms have engineered a backdoor into your communities. By rebranding sports bets as \u201cevent contracts\u201d and \u201cderivatives,\u201d these platforms are mass-marketing sports betting as investing while claiming they are not subject to the laws and oversight that reflect Utah\u2019s values.<\/p>\n

Read more Andy Reid shares his \u2014 and Adam Sandler\u2019s \u2014 best marriage advice for Taylor Swift and Travis Kelce<\/a><\/p>\n

Utahns know a sports bet when they see one. In fact, say wagers offered by companies such as Kalshi and Polymarket are gambling \u2014 not investing. But what voters and policymakers may not realize is the quickly snowballing cost of this marketing deception: since 2025, \u201cprediction markets\u201d have already siphoned an estimated $1 billion in potential state gaming tax revenue across America. In Utah, the concern is just as significant: consumer dollars are flowing to companies offering products that are illegal in Utah, diverting spending from local businesses, while undermining your state\u2019s decision to prohibit gambling.<\/p>\n

In 2018, the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA).<\/u> This action gave states the authority to decide whether to legalize sports betting. Since then, 40 jurisdictions have done so and built sophisticated systems overseen by more than 8,400 regulators nationwide. Utah has intentionally taken a different path, choosing not to legalize sports betting \u2014 and now you are exposed to a product that\u2019s never been allowed within your state\u2019s borders. <\/p>\n

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These platforms are making a mockery of Congressional intent \u2014 and your state\u2019s choices \u2014 by seeking CFTC oversight and bypassing federal and Utah law.<\/p>\n<\/blockquote>\n

In a recent Senate Commerce Subcommittee hearing, a representative for the prediction markets industry made clear that they have no intention of abiding by state and tribal gaming laws. Yet Utah Sen. John Curtis remarked that if he were to talk with his constituents about prediction markets, you would likely respond with, \u201cTell me, how that is not gambling? It seems to me every definition of gambling.\u201d <\/p>\n

Prediction markets claim they are offering financial derivatives \u2014 instead of a sports wager \u2014 and should fall under the regulatory oversight of the Commodity Futures and Trading Commission (CFTC), the agency that regulates markets critical to our nation\u2019s economy. Utah businesses have long used legitimate commodities markets to hedge real economic risk like fluctuations in agriculture or oil prices. That is fundamentally different from a sports bet.<\/p>\n

In a Kalshi \u2014 a \u201cprediction market\u201d operator whose volume consists of nearly 90% sports \u2014 admitted that Congress \u201cdid not want sports betting to be conducted on derivatives markets.\u201d Now, prediction markets are offering exactly what they previously said they shouldn\u2019t \u2014 even marketing it as \u201csports betting legal in all 50 states.<\/u>\u201d Just this year, media publication Sportico has noted that Kalshi also classified itself as \u201cgambling\u201d<\/u> in their federal trademark request.<\/p>\n

These platforms are making a mockery of Congressional intent \u2014 and your state\u2019s choices \u2014 by seeking CFTC oversight and bypassing federal and Utah law. When the argument was made at the Senate hearing, senators from both parties scoffed, including Sen. Ted Cruz, R-Texas, who stated that \u201cmany simply see prediction markets as a workaround to state gambling laws.\u201d<\/p>\n

Read more Deseret News archives: Arthur Ashe conquered Wimbledon in dramatic 1975 final<\/a><\/p>\n

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For decades, Congress and the courts have affirmed that gaming regulation belongs to states and tribal governments.<\/p>\n<\/blockquote>\n

Earlier this year, 41 state attorneys general<\/u>, including Utah Attorney General Derek Brown, sent a letter to the CFTC underscoring that \u201csports event contracts\u201d are sports betting and states have the right to oversee their own gaming industries according to local laws and values. Gov. Spencer Cox<\/u> has been outspoken on the issue stating that prediction markets are gambling and have \u201cno place in Utah.\u201d He directly challenged the CFTC<\/u> stating he plans to use \u201cevery resource within my disposal as governor of the sovereign state of Utah\u201d to beat them in court.<\/p>\n

This \u201cprediction market\u201d regulatory evasion is a double burden for Utah\u2019s taxpayers: not only are dollars flowing out of the state that could otherwise support Utah\u2019s economy, but the state is also spending additional resources defending their sovereignty in court. The problem \u2014 and the cost \u2014 will amplify if this is allowed to continue.<\/p>\n

The legal gaming industry treats sports betting as strictly a form of entertainment. Framing it otherwise is misleading and irresponsible, particularly as prediction markets heavily advertise to students and 18-year-olds. We agree with Rick Wurster, the CEO of brokerage firm Charles Schwab, who said<\/u> he does not \u201cwant young people in our country to think gambling on the Monday Night Football game is the same as investing in stocks and bonds.\u201d<\/p>\n

Licensed operators must meet strict standards for integrity monitoring, taxation, oversight and consumer protections. \u201cPrediction markets\u201d bypass these entirely and you are thrown into the \u201cwild west\u201d without the proper protections or oversight that exists in the legal, state- and tribal-regulated markets.<\/p>\n

For decades, Congress and the courts have affirmed that gaming regulation belongs to states and tribal governments. We agree \u2014 along with the 41 attorneys general and countless legislators across the country \u2014 and support Brown in calling \u201csports event contracts\u201d what they are: sports bets. We continue to urge Congress to reaffirm existing law and state and tribal authority by advancing solutions like the bipartisan Prediction Markets Are Gambling Act.<\/p>\n

You, as a Utahn, have made a deliberate choice not to legalize sports betting. Your state\u2019s decision should be respected. If it\u2019s a wager on sports, it should not be offered in Utah. To protect consumers and states\u2019 rights, the federal government must stop this prediction market evasion of state and tribal law.<\/p>\n

Read more This college football analyst ranks Utah as one of nation\u2019s top QB rooms<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

These platforms claim they are not subject to the laws and oversight that reflect Utah\u2019s values.<\/p>\n","protected":false},"author":1,"featured_media":3312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-3313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guest-opinion"],"yoast_head":"\nOpinion: Prediction markets undermine Utah\u2019s gambling laws - American Movers Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/americanmovershub.com\/?p=3313\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opinion: Prediction markets undermine Utah\u2019s gambling laws - American Movers Hub\" \/>\n<meta property=\"og:description\" content=\"These platforms claim they are not subject to the laws and oversight that reflect Utah\u2019s values.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/americanmovershub.com\/?p=3313\" \/>\n<meta property=\"og:site_name\" content=\"American Movers Hub\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-05T20:12:27+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/#\\\/schema\\\/person\\\/b68c8483906c0d2987f271455f0177af\"},\"headline\":\"Opinion: Prediction markets undermine Utah\u2019s gambling laws\",\"datePublished\":\"2026-07-05T20:12:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313\"},\"wordCount\":965,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/americanmovershub.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/cee23ae4f3c8b5af4eecc7f32d551748.avif\",\"articleSection\":[\"Guest Opinion\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/americanmovershub.com\\\/?p=3313#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313\",\"url\":\"https:\\\/\\\/americanmovershub.com\\\/?p=3313\",\"name\":\"Opinion: Prediction markets undermine Utah\u2019s gambling laws - 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