Gambling industry and labor unions jointly push for inclusion of a clause in crypto legislation to ban prediction markets from offering sports betting

Odaily Odaily News: The gambling industry is joining forces with labor unions to urge lawmakers to include restrictive clauses in pending cryptocurrency legislation, prohibiting prediction markets like Kalshi from offering sports betting.

The American Gaming Association, together with organizations such as the India Gaming Association, the Hotel & Gaming Council of the AFL-CIO, and UNITE HERE, jointly stated in a letter that they are deeply concerned about the prediction markets driving the largest expansion of gambling in U.S. history over the past 18 months. The letter states that Congress should use crypto legislation to reaffirm the principle that sports betting does not fall under the jurisdiction of the U.S. Commodity Futures Trading Commission and cannot be offered through prediction market platforms. (semafor)