00:00Regulation of prediction markets, very similar to how sports books are regulated, but naturally prediction markets are going to fight
00:07just like sports books to not be regulated.
00:09In the end, Sam, I do think that this is coming. If they want to operate, they're probably going to
00:14have to.
00:15Yeah, these companies wouldn't be doing their job if they weren't fighting to not be regulated as sports betting companies.
00:21When you talk about sports betting and gambling, it has a very lengthy history in the United States of being
00:26overly regulated, overly taxed.
00:29Because at the end of the day, many states view it as a sin industry, something that obviously can create
00:34problems or prey on problem gambling, addiction, those sort of real issues that exist out there.
00:40But one of the reasons that prediction markets have been able to exist and, quite frankly, become so popular in
00:46so many states is because they don't have to follow those rules.
00:49So obviously, Congress is really paying attention to that as well.
00:52The Senate Commerce Committee held a hearing this week on sports integrity and prediction markets, sort of in one umbrella
00:59of a subject, even beyond sports prediction markets, have caught the ire of lawmakers' attention.
01:05You know, with regards to large bets being placed on military actions and other sort of insider trading accusations that
01:13have gone on.
01:14But this hearing specifically looked at sports integrity.
01:17Obviously, you know, sports betting, as it's become more popular, has become no stranger to a number of scandals pop
01:22up over the past couple of years.
01:24So as sports books kind of heighten those, you know, integrity safeguards, lawmakers are also interested in what prediction markets
01:31are doing as well.
01:32So Senator Marshall Blackburn, who chaired the committee, called it sort of the first step in figuring out kind of
01:38how this is all done, which is, you know, stop me, Greg, if you've heard that before, first step in
01:42kind of figuring out how this is all done.
01:44It's kind of been the story of the last, you know, year or so, and probably will continue to be
01:49the story, quite frankly, until it all comes down to the Supreme Court.
01:51But it's definitely notable that it's getting more attention by having a hearing in Congress.
01:55But then you have to ask, what is Congress actually going to do about it?
01:59That's sort of another farther step that they probably have not crossed that bridge yet.
02:04But it is getting their attention, at least.
02:05So we'll see if anything comes of it or if it's just more talk.
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