In a nutshell, these platforms operate by classifying their bets as 'futures contracts' with 'meaningful real world economic consequences' rather than traditional gambling, allowing them to be regulated by the Commodity Futures Trading Commission (CFTC) rather than stricter state gambling laws.
It's going to take strong push from lawmakers to close the loophole, and even stronger push from the platforms to stop anything meaningful being done.
In a nutshell, these platforms operate by classifying their bets as 'futures contracts' with 'meaningful real world economic consequences' rather than traditional gambling, allowing them to be regulated by the Commodity Futures Trading Commission (CFTC) rather than stricter state gambling laws.
It's going to take strong push from lawmakers to close the loophole, and even stronger push from the platforms to stop anything meaningful being done.