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On 16 June, a coalition of gaming lobby groups, state associations and labour unions sent a letter to the Senate urging lawmakers to include language in the bill banning sports and casino-related contracts. Among the signatories were the American Gaming Association, the Indian Gaming Association, the Association of Gaming Equipment Manufacturers and the UNITE HERE unions.
“Litigation may eventually clarify the law, but this is ultimately a question of congressional intent. Congress should not wait while this nationwide expansion of gambling continues,” the letter said. “It should use crypto legislation to reaffirm a simple principle: sports betting falls outside the CFTC’s remit and cannot be offered through prediction market platforms.”
Following the vote, IGA Chairman David Bean said in a statement that the Senate “did the right thing” by not advancing the bill. The Clarity Act “could have expanded CFTC commodities authority” without clear protections, Bean said, but he cautioned that “it is not the end of this fight”.
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During a session of the House Audit Committee last Thursday, members of parliament (MPs), the Data Protection Commissioner and representatives from the Welfare Benefits Administration Service (WBAS), the Gaming & Casino Supervision Commission and the National Betting Authority (NBA) convened to discuss ways to identify and restrict gambling activity among GMI beneficiaries, as reported by Cyprus Mail.
While the intention is to protect vulnerable households and ensure welfare is spent on essential needs, proposed measures are being complicated by legal, technical and privacy obstacles.
Harris Tsangarides, executive director of the Gaming & Casino Supervision Commission, said his department had noticed spikes in gambling activity coinciding with GMI payment dates, prompting the regulator to consider “technical solution” to cross-reference GMI beneficiary lists with casino membership records.
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The petition poses the question of whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 in the aftermath of the Great Recession, “preempted states from regulating sports bets that occur within their jurisdictions if those bets are offered on markets registered with the Commodity Futures Trading Commission”. Prediction markets have argued that their event contracts are financial derivatives regulated by the CFTC whereas many states contend that they are simply sports bets by another name.
There is no guarantee the Supreme Court will hear the case but a separate appeals court ruling from 28 August bolsters its chances. In that case, a three-judge panel from the Ninth Circuit ruled unanimously in favour of the state of Nevada, creating a circuit court split, which is a hallmark of many Supreme Court cases.
“We’re calling on the Supreme Court to resolve this issue and recognise that Congress did not silently make the sports-betting industry immune from state law,” Davenport said in a statement.
