Prediction market platforms are speaking out of both sides of their mouths. To users, the platforms this month are aggressively marketing bets on March Madness games. To regulators, they say, “What sports betting? Nothing to see here.”

Who could blame them? Prediction markets’ existence depends on their ability to convince regulators and courts that their “sports event contracts” are entirely distinct from good-old-fashioned sports betting. 

Recommended Stories

How are prediction markets regulated differently than sports gambling?

A look at the bills to rein in prediction markets

North Carolina becomes first state to legitimize prediction markets