Name: New Trade Coalition Forms for U.S. Prediction Markets
Uploaded: 2025-12-12T16:04:18-05:00
Duration: 1 s
Description: Leading U.S. prediction market firms join to seek CFTC regulation, overcoming state-level barriers. Companies such as Robinhood and Coinbase are taking action.

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Leading U.S. prediction market firms join to seek CFTC regulation, overcoming state-level barriers. Companies such as Robinhood and Coinbase are taking action.

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New Trade Coalition Forms for U.S. Prediction Markets

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SportsGrid

OK, let's get started. Prediction markets. We've started off the show, it feels like every day this year, a new coalition is set to begin. It includes the companies that are offering prediction markets here in the United States, Calci, Crypto.com, Robinhood, Coinbase, and Underdog, launching a new industry trade group. It's called the Coalition. For prediction markets. Why are they forming this coalition, you may ask. Well, I'm here to tell you. They're promoting federal regulation under the CFTC and pushing back against state gaming regulators, essentially saying that they wanna operate in states. And they wanna continue without having oversight, without paying taxes. We'll see if that works for them, but certainly, all partnering together for a coalition, as they say more is better than less. And I think that's the summary there. Meanwhile, Underdog has informed users in North Carolina that they stopped offering markets in the sportsbook app as of 11:59 p.m. on December 16th. That's next week. The announcement comes after regulators held a previously unscheduled meeting on December 10th. The company has gone headfirst into prediction markets, essentially getting out of the sports betting universe, and they're a technology partner of Crypto.com. They'll roll out those prediction markets with a brand new app in North Carolina coming up soon. Also, Calci will stay online in Connecticut through the Super Bowl. A federal judge in Connecticut. Has blocked the state's Department of Consumer Protection from taking enforcement action against CalSci. The decision comes after the DCP sent cease and desist letters to CalSci, Crypto.com, and Robinhood on December 2nd ordering them to stop offering sports-related event contracts in their state. Calci says they're going to file, uh, file a countersuit so they can stay, which is called an injunction. It looks like for the time being that Connecticut. Has agreed to stay online through the Super Bowl. OK, we'll see what happens after that. There will be no Super Bowl for the Atlanta Falcons. So maybe their Super Bowl was last night. Definitely was the case. What in the world happened to the Tampa Bay Buccaneers in this one with the Falcons committing close to 20, folks, 20, I think it was 19, but 2 almost 20 penalties in the game yesterday and the Falcons end up beating Tampa Bay. The Buccaneers led in this one. I gotta. I stopped watching. It was 28 to 14. The Falcons came all the way back, thanks to Kirk Cousins, Bejon Robinson, and the best game ever for Kyle Pitts. It was such a dismal end of the game for the Buccaneers that the Carolina Panthers, folks. Own their destiny. If they win out. They are the champions of the divisions, of the division, not Tampa Bay. So that led Todd Bowles to drop some expletives for the first time ever that I could recall with him as head coach of the Bucks. So, folks, it's safe for work cause we bleeped him out, but I don't know that it's safe to watch, but here he is. What do you tell them in the locker room after a game like this? It's inexcusable. You don't make excuses. We, you gotta care enough where the it hurts. You gotta care enough where the hurts. It's gotta mean something to you. It's more than a job, it's your livelihood. How well do you know your job? How well can you do your job? Well, you can't sugarcoat that shit. It was in the excusable and there's no answer for it. There's no excuse for it. That's what you tell them in the locker room. Look in the mirror. It's, uh, always, always always good to win, especially on the road. Um, when you win as a team and you know that it, it wasn't perfect and it took just, uh, resiliency and continuing to play and make plays, that makes the win all the, all the, the more sweet and, um, uh, just proud of my teammates, my coaches, um, and, and the effort that everybody put forth to make this happen. Kinda feel good for Kirk Cousins after, you know, sort of finding out last minute that he was gonna be the backup for the Falcons, hasn't really played all that well. I don't know. Something has me rooting for him a little bit. OK, Dallas Cowboys get some good news as they try and chase down the Philadelphia Eagles this week. CD Lamb. Practiced yesterday, so he could play potentially this week and keep the Cowboys' playoff hopes alive. Interesting comments, by the way, from him in the locker room describing what he has been going through to get back on the field. Obviously, there's been a lot of like our work and our discipline and trying to, I guess frustrate. Myself essentially to to see like if I have any more like you know residuals of the concussion and like if I have like any type of symptoms but uh as for me now it's just been heavy on rest to be honest um doing everything meeting all my requirements kind of getting ahead of everything especially with the extra 2 to 3 days that we had off uh I feel like that was big. Geno Smith era could be coming to an end, uh, faster than expected in Las Vegas. Kenny Pickett is gonna get the start this week for the Las Vegas Raiders. Things have not gone well for them at quarterback all season long. Pickett, a former high draft pick, says that he is up for the challenge. If you do get to start, what kind of opportunity would it be? It's a great. You know, all you can ask for is an opportunity. It's a great opportunity. Um, you know, Philly's an unbelievable place to play. I know, I know the fans will be ready to go. Um, they have a hell of a team. They've kept, you know, there's not a ton of new faces on that, on that team. So there's a lot of really good players. I, I, I know the coaching staff and how prepared that they're gonna be for the game. So it's, it's a great opportunity. Let's get to a contract extension. Travis Jones, defensive tackle of the Baltimore Ravens. They announced a 3-year, $45 million contract extension. Also, a couple of notes from the NFL looks like Marvin Harrison Jr. of the Cardinals could miss this week's game. And for those of you planning on starting Josh Jacobs in fantasy football, you're gonna have to wait till 4 o'clock Eastern on Sunday. He's a game-time decision. College basketball, the showdown interstate between Iowa State and Iowa. Ends up going to the Cyclones. Final score, 66 to 62. That was the final there. Iowa State was 9-point favorites. Here's TJ Olsenberger on getting the win. You know, we've been in spots before at halftime where the game was tight, not where we were down like that. We talked about at half, like that was more adversity than we have had at halftime in any game this year, both by, You know, they had the game going from a style standpoint, how they wanted it. And then the other part of it is, you know, us being down and having to fight back out of it. So, but we've had the experiences with Saint John's. We came out quick, Syracuse second half, we had a great second half on the road on Saturday. So we talked to our guys about, you know, in the second half, we've had these impacts, we need to have it right now. And, um, they really stepped up with the pressure and the physicality to, to get to the basket and get to the rim in the foul line. In the NBA last night, the Houston Rockets did not cover the spread against the Los Angeles Clippers, but that's not gonna make the Clippers any happier. They've been struggling all season long, 6 and 19 after losing last night, 115 to 113. Osser Thompson had 22 points and 15 rebounds. Meanwhile, Nikola Jokic at -140 to get a triple-double yesterday does not cash. The Nuggets do beat the Kings 136 to 105. Denver was 10.5 point favorites. By the way, Jokic. In case you're wondering, 36 points, 12 rebounds, only 8 assists. And also, no Giannis, but the Bucks pull off maybe their biggest upset of the season, beating the Boston Celtics 116 to 101. Boston was 9.5 point favorites. Kevin Porter had that triple-double if you bet that. 18 points, 10 rebounds, 13 assists. Here's Doc Rivers on pulling off an unlikely victory. Yeah, you know, I thought it started in the, in the second quarter. Um, I just thought we caught ourselves, you know, they jumped on us at the beginning of the game. Uh, we got right back in, and I thought that was the biggest point of the game other than the 3rd was the 1st and 2nd quarter when they were up 12 or whatever and we cut it back and it became a game again that gave us life. Uh, and then we came out in the 3rd quarter. I thought our defense was phenomenal. Uh, we basically took away their 3s, you know, and that's what they kept hunting, and we kept taking them away, and I thought it was great. Yeah, I thought, uh, for the most part we found advantages, missed them. Uh, we'll tend to see what our crashing numbers are, you know, we ended up with. Um, you know, more shots, um, you know, we'll see what those numbers are, but I thought we went through, you know, some good moments of, of, uh, advantage creation and missing shots, but then I thought, you know, they turned their pressure up a little bit and, Uh, we just wanted to sharp on the execution, you know, a little bit in the second half there. Welcome back to Newswire here on Sports Grid. Always great to have Sam McQuillan to wrap up the week from Legal Sports Report. By the way, everything Sam and I discussed for the next 10 minutes, you could read about over at Lesportsreport.com. Sam, welcome back to the show. Getting ready for the holidays and a big weekend, of course, as always, of sports. But our Stories today lead off with where they have been for the most part, this uh summer and fall, which is uh the prediction markets and another company has decided to solely focus on them in a certain state. I don't wanna steal your thunder, so you'll tell us more about that and maybe why the decision was made. Yeah, and I expect that'll be the case going into the winter as well and even into next spring and next summer where prediction markets are really dominating all of the sports betting news, the latest here being that Underdog, which only had a sports book in North Carolina, is now shutting down that sports book. Next Wednesday is when it will fully stop being a sports book and instead it will replace it with prediction markets. It was Only state where Underdog had a sports book launched there about March of 2024. So kind of the company's original plan had been to acquire a lot of users and customers as a daily fantasy sports product. It obviously had a lot of kind of controversy over how it did that originally with its pick em games, which a lot of people sort of likened to parlays without following the sports. Rules, it's really just kind of abandoning its sports betting hopes, switching fully over to prediction markets where it's now live in about 25 states under a partnership with Crypto.com, which is the one that supplies the markets and underdog kind of just puts it on its platform, but Kind of the details around the shutdown really signal that it's going to be solely focusing on prediction markets going forward now. It's going to actually pay out any outstanding debts in the maximum amount before that date. So even futures you have on things that haven't happened or won't likely won't happen, it's, according to its website, going to pay out, and customers don't. Even have to like go in and take their funds out as they usually have to do by a certain date in a lot of places because Underdog is just switching over to its fantasy product and prediction market in the state. So if you get paid out any of the bets you had outstanding, you don't need to rush in before next Wednesday. You can kind of just wait and use it on the new product that they're going to have there, which again is probably part of their plan to kind of convert everything over to a prediction market and I think really signals just how massive prediction markets have become in the sports betting industry when you have a company like Underdog, which spent so much time acquiring licenses in states to eventually build out its sportsbook, had its sports book, and now all of a sudden you have prediction markets which seem like they're here to stay and A major company is switching over to that as its main product, so it never signaled that it was going to not do this. It withdrawed its license in Missouri just before the launch about a month ago, so it never really said quite out flat that it was going to be only prediction markets, but now it looks like that's very much the case, and it'll be really interesting to watch next year as, you know, you have prediction markets in this wild west and companies now fully kind of betting on them. DraftKings, FanDuel, of course, expected to follow as well. All right, let's get to another prediction market company, one of the prominent ones. Calci, of course, undergoing some changes in the state of Connecticut. They wanna stay operating. The state of Connecticut says you gotta get out, but at least the two sides have come together here to say, let's take a look at this coming up in February. That's really good news for Calci. But does this mean it's the beginning of the end for them there with this agreement? Yeah, this is a really interesting case in terms of all the state prediction market fights we have. Connecticut actually went as far to not just send cease and desists to Calie, but try to enforce them leaving the state. It's, it's kind of common knowledge that whenever a cease and desist is sent, it doesn't really have a lot of weight or teeth behind it unless, you know, federal authorities get involved or in this case. Connecticut's Department of Consumer Protection is getting involved trying to kick Calsie out of the state. In response, Calci kind of countersued them and took them to court, and now the Connecticut Department of Consumer Protection has agreed to a joint stipulation agreement which pretty much puts this all into proceedings in court over the next two months. So that means that Calci will get to keep. Offering its prediction markets in Connecticut over the next two months while the legal proceedings play out, Calcihy pretty much argued that it would be harmed immediately if it had to leave the state and the cease and desist was enforced. So in response, Connecticut has agreed to respond to their motion for a preliminary injunction by January 9th. Then Calci has until January 30th to respond. Then both sides go to court in US District Court in Connecticut on February 12, but this is just, you know, yet another example of how Calci is kind of balancing the many state fights it has over prediction markets. You know, certainly Nevada, New Jersey, Maryland, a host of other states have taken issue. Connecticut, really the one that's gone farthest with actually trying to get the cease and desist enforced. Obviously Connecticut thinks that this is sports betting or unlicensed wagering. In their argument they've said that, you know, they don't have the integrity of monitoring procedures that licensed sports books have to have in Connecticut. Winnings may not be paid out as advertised because it kind of all goes down to the prediction market house rules and is really subject for the companies themselves. So you know, not instances like where you have people going to the state. Doing that, hey, DraftKings and FanDuel didn't pay me out correctly. There's actually a recourse for people who can, you know, work that through with the state. It's not in this case, as well as offering prediction markets to people under the age of 21, you have to be 18 to play on Calie in Connecticut. Obviously you have to be 21, as well as offering markets that Connecticut says it's. Concerned about insider trading, these are things that are, you're not allowed to bet on on sports books in Connecticut. Things like award shows, things like who's going to win NFL MVP, things that are kind of determined before they're announced. You can bet on Calhi. So, it'll be a really interesting court case to follow among the other ones throughout, um, you know, the first two months of next year. Um, what the judges initially, who they side with and how it might influence other states is obviously there's a lot of legal fights on Calci's hands right now, but so far they've been allowed to kind of just persist for the next couple of months, so we'll definitely keep an eye on this one. And, and meanwhile, it looks like all the prediction markets are kind of getting together here, Sam, to fight all of the different states and, and who knows beyond what to get them out, a coalition has been formed. Do they, is that what they feel, Sam? Basically, if they all partner together and, you know, all fighting for the same thing, maybe that helps their situation? Yeah, it certainly seems that way. It kind of just seemed like a matter of time before we had news that the major prediction market players in Calci and Crypto.com were going to form their own Washington-based trade group, much like sportsbooks eventually formed with the Sports Betting Alliance, where, you know, they lobby politicians to treat them favorably and try to work out all the framework in this really massive kind of, you know, murky legal environment across all the states. They say they're going to try to get the CFTC more involved with them. You know, the CFTC is the entity that's theoretically supposed to oversee this stuff, but they've kind of indicated so far that they don't really want to get involved while the prediction markets themselves are kind of, you know, championing them as, you know, they're the ones who oversee us if, but because they're not really being overseen by them, that kind of means that they're allowed to just proceed kind of as regular, you know, scheduled programming, obviously. Like we alluded to in the Connecticut case, a lot of the arguments have stemmed around like protections that prediction markets don't have that sports books are required to have. So that's going to be one of the main focuses of this new coalition as well, which also counts underdog as a partner, as well as Robinhood, which is also being sued in these states because they're the ones that are kind of partnered with prediction markets offering this product, notably Polymarket, which is not fully back in the US yet, although it's anticipated to come kind of any day now. They're not. Involved in the coalition yet though the coalition says it's, you know, negotiating with more members to join. So it'll be interesting to see if kind of Calci's biggest rival joins in with them and like you say, Craig, you know, bands together to fight this kind of legal pushback they're facing now or if they kind of operate from a different stance, whether that might splinter prediction markets' hopes next year or not. So yeah, it'll be really interesting to see kind of their initial work next year in another just yet another development in the crazy prediction markets world. Agreed, Sam, great stuff as always. Have a great weekend. We'll catch up with you on Monday here on next edition of Newswire. Thanks again. Sounds good. Thanks, Greg.

New Trade Coalition Forms for U.S. Prediction Markets

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