PredictIt Betting on US Elections Nixed by American Regulators
- Thread starter MrTop
- Start date
PredictIt, a market that built its name by letting Americans bet on who will be elected to Congress or the next president, has lost its legal authority to operate in the US.
The move by the Commodity Futures Trading Commission on Aug. 4 to revoke the regulatory letter relied on by the platform sent shock waves through the political-gambling industry. Since 2014, PredictIt has used the permission granted for research purposes to a New Zealand university to let Americans bet on US elections, something that’s generally forbidden.
The focus on politics thrust PredictIt into the forefront of an emerging asset class that easily lets people wager on the outcomes of real-world events using derivatives. Odds based on PredictIt wagers have been widely cited by major media, and while the site’s origins were rooted in academia and bets are capped at $850, it’s become a favorite among American gamblers.
The CFTC said that PredictIt trading in contracts listed under the 2014 legal interpretation must end by Feb. 15, 2023. The regulator’s move didn’t involve an enforcement action.
PredictIt is operated by Aristotle Inc. and it attracts a cadre of professional gamblers.
The move by the Commodity Futures Trading Commission on Aug. 4 to revoke the regulatory letter relied on by the platform sent shock waves through the political-gambling industry. Since 2014, PredictIt has used the permission granted for research purposes to a New Zealand university to let Americans bet on US elections, something that’s generally forbidden.
The focus on politics thrust PredictIt into the forefront of an emerging asset class that easily lets people wager on the outcomes of real-world events using derivatives. Odds based on PredictIt wagers have been widely cited by major media, and while the site’s origins were rooted in academia and bets are capped at $850, it’s become a favorite among American gamblers.
The CFTC said that PredictIt trading in contracts listed under the 2014 legal interpretation must end by Feb. 15, 2023. The regulator’s move didn’t involve an enforcement action.
PredictIt is operated by Aristotle Inc. and it attracts a cadre of professional gamblers.
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Viejo Dinosaur
EOG Master
Railbird is screwed….
