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Prediction Markets vs State Rights | Salt Lake City News
Prediction markets are secretly trying to sneak sports betting into states like Utah—where gambling is banned—by calling it “event contracts” or “derivatives.” Despite claims of legality, 79% of Utah voters see through the disguise, and states are losing billions in tax revenue. The Supreme Court’s 2018 ruling opened the door for regulated sports betting, but Utah chose not to participate. These platforms argue they fall under the CFTC, but even Kalshi admits Congress never intended this loophole. Forty-one state attorneys general, including Utah’s, have called them out as disguised sports…
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