A leader of The Church of Jesus Christ of Latter-day Saints warned Saturday that an explosion in gambling driven by online prediction markets and sports betting is fostering greed, particularly among youths, while producing “nothing of value.” D. Todd Christofferson, one of the top three leaders of what is known widely as the Mormon church, said rampant betting
In 2006 Congress passed a law called the Unlawful Internet Gambling Enforcement Act, which didn’t ban online betting but rather, banned banks from processing payments for it. It carved out one exception: fantasy sports, because Congress considered it a game of skill, not a game of chance like betting on a single game is. And
Prediction markets are splurging on ad campaigns featuring A-listers—and the approach is starting to rankle some observers. On Wednesday, sports trading platform Novig released a video of actress Sydney Sweeney appearing nearly nude while promoting the company’s sports-only offering ahead of the NFL season opener. The advertisement swiftly drew scrutiny of prediction markets’ marketing tactics
Crypto bulls have been pushing for Congress to pass a major piece of legislation aimed at creating a regulatory framework for the industry, but prediction markets say don’t count on it this year. Traders on Polymarket give it only a 15% chance of being signed into law in 2026. Traders on Kalshi have laid similar
The results of the Democratic primary delivered a blow to the progressive wing of the party, but also to Polymarket and Kalshi—popular prediction market platforms that had gained a near-infallible reputation after accurately forecasting the outcome of every state in the 2024 presidential election. Polymarket and Kalshi event contracts on the outcome of the Wisconsin
Twenty-eight-year-old Jacob Fortinsky has been busy. “I was a groomsman at two weddings this weekend,” he tells me over Zoom. Also, the sports trading company he runs, Novig, launched its prediction market last week, facilitating $18 million in trading volume on its first day. Today, Novig launches a “responsible trading framework” in its exchange rulebook,
