Sports predictions are gambling, CME chief says, urging crypto to focus on efficiency

Cryptocurrency should concentrate on tokenization and more efficient markets, distancing itself from prediction products that can undermine confidence, according to CME Group chairman and CEO Terrence Duffy. In a CoinDesk interview on November 9, Duffy questioned the integrity of some prediction markets and the scrutiny they receive from regulators. He argued that cryptocurrency’s practical applications should be considered separately from the regulation of event betting. “Sports predictions are gambling,” Duffy said. He cited wagers on whether LeBron James would collect two or three rebounds, arguing that such outcomes have no economic impact on the people placing the bets.