The prediction market industry enables people to bet on US elections and sporting events.
Most Americans polled by Reuters/Ipsos are opposed to betting on US elections and other government actions.
The prediction market industry, led by Polymarket and Kalshi, enables people to bet on US elections, government policy moves and sporting events, which has resulted in a series of lawsuits involving state and federal agencies over who has the authority to regulate these markets.
Some 69% of Democrats and 61% of Republicans polled said they opposed using prediction markets to bet on election results. The Reuters/Ipsos survey of 4,506 adults nationwide was taken on Sept. 30-Oct. 5.
Related: Blockchain.com pursues CFTC approval for prediction markets: CNBC
Even betting on professional sports was opposed by 43% of respondents, while 29% supported it, the poll said.
President Donald Trump’s administration is pursuing federal regulations for the industry through the CFTC, some of which are begin challenged in court by several states. Many expect the dispute to reach the US Supreme Court.
Cointelegraph reported on Oct. 8 that 39 states and the District of Columbia filed an amicus brief in a New Jersey case contending the conflict between the CFTC and state authorities over prediction markets had resulted in a “national turf war” that could not be resolved without an answer from the Supreme Court.
Magazine: Exchanges reporting crypto gains to IRS becomes tax nightmare
