New Hampshire is concerned about losing revenue from sports betting due to the rise of prediction market platforms like Kalshi and Polymarket. Since legalizing sports wagering in 2019, the state has earned over $170 million through DraftKings. However, these new platforms allow users to bet on various outcomes without adhering to state gaming laws, potentially bypassing state revenue models. State Sen. Tim Lang plans to propose legislation to join other states in legal action against these companies. The legal status of prediction markets is unclear, as they claim to be financial markets regulated by the federal Commodity Futures Trading Commission, not sportsbooks. This has led to mixed court rulings and ongoing debates about the distinction between sports betting and prediction markets.
QUESTION: How might the rise of prediction markets impact the way states fund public services like education?
As hoops betting spikes, it’s New Hampshire and other states vs. prediction markets
