Prediction Markets Form Coalition to Navigate Legal Hurdles

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00:00meanwhile it looks like all the prediction markets are kind of getting together here sam

00:04to fight all of the different states and and who knows beyond what to get them out a coalition has

00:11been formed do they is that what they feel sam basically if they all partner together and

00:16you know all fighting for the same thing maybe that helps their situation

00:21yeah it certainly seems that way it kind of just seemed like a matter of time before we had news

00:26that uh the major prediction market players in calci and crypto.com were going to form their own

00:32washington-based trade group much like sportsbooks eventually formed with the sports betting alliance

00:38where you know they lobby politicians to treat them favorably and try to work out all the framework in

00:44this really massive kind of um you know murky legal environment across all the states um they say

00:51they're going to try to get the cftc more involved with them you know the cftc is the entity that's

00:56theoretically supposed to oversee this stuff but they've kind of indicated so far that they don't

01:02really want to get involved while the prediction markets themselves uh are kind of you know championing

01:07them as you know they're the ones who oversee us um if but because they're not really being overseen

01:12by them that kind of means that they're allowed to uh just proceed kind of as regular you know

01:17scheduled programming um obviously like we alluded to in the connecticut case a lot of the arguments

01:22have stemmed around like protections that prediction markets don't have that sports books are required

01:27to have so that's going to be one of the main focuses of this new coalition as well which also

01:32counts underdog as a partner as well as robin hood which is also being sued in these states because

01:37they're the ones that are kind of partnered with prediction markets offering this product notably

01:42polymarket which is not fully back in the us yet although it's anticipated to come kind of any day

01:47now they're not involved in the coalition yet though the coalition says it's you know negotiating

01:53with more members to join so it'll be interesting to see if kind of calci's biggest rival joins in with

01:58them and like you say craig you know bands together uh to fight this kind of legal pushback

02:02they're facing now or if they kind of operate from a different stance whether that might splinter

02:07prediction markets hopes uh next year or not um so yeah it'll be really interesting to see

02:12kind of their initial work next year um and another just yet another development in the

02:16crazy prediction markets world