Senate weighs federal ban on sports bets through online prediction markets

A bipartisan Senate bill would bar federally regulated platforms from offering sports wagers on online prediction markets such as Kalshi and Polymarket, a move that would deal a major blow to these platforms amid broader regulatory fights with states; supporters say it protects consumers and state sovereignty, while critics argue it would push activity offshore, a stance underscored by recent actions from state regulators in Arizona and Nevada and ongoing CFTC oversight.