States Get Prediction Markets Jurisdiction Under Cruz’s Bill

DALLAS – A planned bill from U.S. Senator Ted Cruz would require prediction markets to be authorized by state or tribal government . Cruz’s legislation would prevent federally-regulated prediction markets like Kalshi from avoiding state gambling laws to offer their sports-event contracts. Cruz, a U.S. Senator from Texas and Chairman of the U.S. Senate Committee on Commerce, Science, and Transportation, has voiced his opposition towards prediction markets and believes they circumvent state gambling laws with their sports-event contracts. Most notably in May, Cruz led a U.S.