Rep. Steven Horsford and Rep. Mark Amodei said they will introduce a bipartisan House bill Thursday to bar prediction-market platforms such as Kalshi and Polymarket from offering sports and casino-style event contracts nationwide.
The measure argues those contracts function like sports betting but face lighter federal oversight through the CFTC, avoid state gaming taxes and offer fewer consumer protections than licensed sportsbooks.
Nevada has already blocked such contracts during an ongoing legal fight, and Horsford said a recent CFTC proposal allowing sports contracts nationwide would create a backdoor for betting even in states where it is illegal.
The bill would reaffirm states' and tribes' authority over gaming, drawing support from UNITE HERE, Culinary Union Local 226 and the American Gaming Association as prediction markets and casino interests intensify lobbying.
Sports are central to the fight because they can account for up to 90% of prediction-market trading volume, while Nevada sportsbooks just posted their lowest Super Bowl wagering totals in a decade.