Booming prediction market sites, such as Kalshi and Polymarket, face scrutiny from states and Congress
The US government sued Illinois on Thursday to stop what it described as the state’s unlawful efforts to regulate prediction markets.
The booming industry of online prediction markets – which allow users to bet on virtually anything from Oscar winners to the weather to ongoing military conflicts – has been facing greater scrutiny as companies continue to fight state-led efforts to regulate the fast-growing industry – which many argue is “basically gambling but with another name”.
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