The deals arrive as the prediction markets face a nationwide legal battle with several state governments that contend such betting belongs more appropriately under the power of their gambling laws. Three major federal court decisions have landed on both sides of the issue, with two of them favoring the states’ argument. The U.S. Supreme Court has been asked to step in and resolve the dispute, including by the NFL, which sided with the states in a filing with the high court.
The NFL argued that the CFTC’s federal oversight has been lax and understaffed, and it said the growing industry’s platforms “are not subject to the same rigorous regulatory constructs and oversight provided by state gaming authorities.”
Mike Selig, the CFTC chairman who has aggressively sought to bolster the industry on several paths — including legal fights with states, new regulations and these information agreements — called the NBA’s decision “a…