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States weigh legality of election prediction market bets ahead of midterms
Pew Research says 23 states have laws banning election betting, but rules may be unclear for prediction market trades in some jurisdictions.
Ahead of the midterm elections, U.S. lawmakers and regulators are facing growing legal questions about whether election prediction market activity is prohibited under existing state election-betting laws, according to CNBC World.
CNBC Finance reports that Pew Research estimates 23 states have laws banning betting on elections, but not all states are clear on whether those rules extend to prediction market trades.
The outlets note that differing interpretations could affect how prediction markets operate across state lines as election-day approaches.