US senator Ted Cruz to file bill seeking state control over sports prediction markets

US Sen. Ted Cruz is preparing legislation that would give state and tribal governments authority over sports-related contracts offered by prediction markets. Cruz intends to file the bill after the November 3 midterm elections , as per Bloomberg Law . The measure would bar prediction market operators from offering contracts linked to gambling activities, including sports betting, without approval from the relevant state or tribal government. The proposal could change how platforms such as Kalshi operate. Exchanges registered with the Commodity Futures Trading Commission (CFTC) currently offer sports event contracts nationwide under a federal framework.