the National Football League Prediction market platforms are urged not to offer contracts for events they describe as “throw-away bets,” CNBC reports. I mentioned Monday (March 30).
In a letter sent to companies registered with Commodity Futures Trading Commission (CFTC) and NFL Deals View, the league said “rejected bets” include event contracts that can be easily manipulated by one person, that are objectionable in nature, that relate to management or that can be known in advance, according to the report.
Those “inherently unacceptable” related to injuries, fan safety or misconduct, according to the report.
Executive Vice President of the NFL Jeff Miller “Sports prediction markets are not currently effectively regulated,” he told CNBC. “We will continue to work with the CFTC to seek the necessary guardrails to protect the integrity of the game and consumers participating in these rapidly evolving markets.”
PYMNTS reported in February that the NFL upheld its ban Prediction market Operators are buying Super Bowl TV ads.
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The Commodity Futures Trading Commission (CFTC) has made the case, which has oversight authority Prediction market Operators lie in it. The regulator filed an amicus brief in federal court defending its right to enforce prediction markets rather than individual states.
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The regulatory body confirmed this in a press release dated February 25, saying that it has full authority to monitor illegal trading practices Specific contract markets.
Chairman of the Commodity Futures Trading Commission Michael S. Selig He said on the same day that exchanges are the regulator’s first line of defense against insider trading in prediction markets and that the measures announced by the prediction market operator everything It should serve as a warning against this type of misconduct.
Calci outlined two internal business cases it closed recently. In both cases, the company’s systems flagged the trades, and its monitoring team froze the traders’ accounts.
On March 12, the CFTC said it was seeking public comment on whether it should amend or issue new regulations regarding… Event contracts Traded in prediction markets.
The regulator also reminded designated contract markets of their obligations under current regulations.
The regulator aims to “promote responsible innovation in our derivatives markets,” Selig said in a March 12 press release.
