Michigan Judge Rules Sports Prediction Markets Outside CFTC Authority on June 18

According to Decrypt, Michigan federal judge Paul L. Maloney ruled on June 18 that sports prediction markets do not fall under CFTC-regulated swap contracts, rejecting Polymarket's bid to block the state from restricting its sports event contracts. The judge stated Polymarket is unlikely to prevail and that sports-related wagering does not constitute swaps subject to CFTC oversight. The Sixth Circuit Court of Appeals will begin hearing the case next month, with a potential appeal to the Supreme Court.
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