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The web of lawsuits and court rulings involving prediction markets has greatly complicated the issue of jurisdiction. Kalshi has been forced to limit trading in multiple states, most notably Nevada, and the CFTC has gone to unprecedented lengths to protect its licencees. This includes suing nine states directly and issuing emergency orders to reject state mandates.

CFTC Chairman Michael Selig is currently the lone sitting commissioner for an agency that traditionally features a bipartisan group of five. Selig has repeatedly defended both the legitimacy of prediction markets as financial assets and the role of the CFTC in overseeing them. The CFTC under his direction has embarked on a series of rule proposals regarding prediction markets, although detractors argue that the proposed changes still allow for sports contracts and in some ways could be seen as a tightening of the belt to make a Supreme Court review look more favourable.

“It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules,” Selig said during a meeting of the CFTC’s Innovation Advisory Committee on 20 August, which featured the CEOs of Kalshi, Polymarket, DraftKings, CME Group and more.

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The bill would increase the maximum sanction for contravening Section 87(1) to a P100,000 fine, imprisonment for up to five years, or both.

It would also require the Gambling Authority to give a licensee an opportunity to be heard before suspending, revoking or refusing to renew a licence.

Responsible gambling and treatment services were recurring themes in the parliamentary discussion.

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Relax Gaming has expanded its reach in the regulated gambling market in Denmark with the introduction of the Dream Drop product locally. The popular supplier and aggregator of award-winning content has signed a new partnership with FDJ UNITED. 

The partnership extends the feature to Unibet and Maria Casino, which are part of the FDJ UNITED group. Relax Gaming Jackpot Business Owner Alastair Smith has welcomed the opportunity to collaborate with the group on this launch, adding:

“We’re delighted to announce the launch of Dream Drop in another regulated market. The Danish player profile is an excellent fit for the unique jackpot experience that Dream Drop offers, and early results have exceeded expectations.”