Michigan's Strict Stance on Prediction Markets and Regulation

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00:00finally let's get to the state that you know best michigan and the topic that we know best

00:06prediction markets right it's like hand in hand here all right so what's the latest in michigan

00:10um pat you know the cease and desist it's just so bizarre to me that some states are like yeah

00:17no problem just you know operate however you want other states are like nah i mean i feel it feels

00:21like this is like a national regulation coming at some point i think i mean so that's where we're in

00:26in a weird spot is there is the federal regulated cftc who's saying it's okay and that's where

00:33you're seeing the cal she's and the like say hey nevada you can't tell us to leave new jersey you

00:38can't tell us to leave we're suing for the right to be here so those are all ongoing in courts at the

00:44moment michigan is one of those states that i talk about ad nauseum of of seasoned assist letters and

00:50being very uh strict in regulating their market which is again one of the reasons to regulate a

00:55market they've sent nearly 50 seasoned assist letters to a variety of uh sports offshore sports

01:01books online casino sweepstake operators and the like and now you know we're seeing they are

01:08interested in uh the prediction markets they're not exactly saying you can't operate they haven't

01:14sent seasoned assist letters yet they've seen what uh cal she's doing to nevada and new jersey and

01:20and maryland who have all said hey get out um and the courts so far are ruling with cal she

01:25um but they did send a letter to cftc saying they do have concerns and you know we were supposed to

01:31have a cftc hearing on these sports prediction markets which has generated a lot of interest a

01:36lot of handle in states like california and texas where sports betting isn't illegal through sports

01:42books um and so it is a lot of interest in it and the cftc uh said wait a second no we're not going

01:49to hold this and so it's two to be determined whether or not they're actually going to hold this and

01:54actually have more scrutiny in the prediction markets and and how state regulators are saying

01:59this isn't okay with us so how is it okay at a federal level it's a lot happening it's a lot

02:05that's going to kind of continue to shape out as we've seen multiple kind of sectors of the sports

02:10betting industry shape up whether it's the sweepstakes or dfs 2.0 or now these sports prediction

02:15markets uh a lot of different entries not just your fan duels and draft kings

02:20favorites

02:23okay

02:26take okay

02:29take�� here

02:29ahead

02:30take

02:31actually

02:32take

02:33take

02:35уш

02:36ok

02:36not

02:37take

02:37but

02:39they're just

02:41so