PredictIt Betting on US Elections Nixed by American Regulators

CFTC revokes permission used by platform for legal authority
PredictIt trading in related contracts must cease by Feb. 15

Californians Vote In Gubernatorial Recall Election — Photographer: David Paul Morris/Bloomberg

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By Lydia Beyoud and Liam Vaughan

August 6, 2022 at 6:00 PM UTC

This article is for subscribers only.

PredictIt, a market that built its name by letting Americans bet on who will be elected to Congress or the next president, has lost its legal authority to operate in the US.

The move by the Commodity Futures Trading Commission on Aug. 4 to revoke the regulatory letter relied on by the platform sent shock waves through the political-gambling industry. Since 2014, PredictIt has used the permission granted for research purposes to a New Zealand university to let Americans bet on US elections, something that’s generally forbidden.