The NCAA wants the CFTC to tighten rules for faculty sports prediction markets, including age and promoting restrictions and anti-harassment measures.
The National Collegiate Athletic Association (NCAA) has asked the Commodity Futures Trading Commission to suspend college sports prediction markets until rules are implemented to guard student-athletes.
NCAA President Charlie Baker called on CFTC Chairman Michael Selig in a letter Wednesday to “suspend college sports prediction markets until a more robust system with adequate safeguards is in place.”
Baker said the “growth and arbitrary nature” of sports prediction markets has contributed to bettors harassing student-athletes more, which has negatively impacted their well-being.
He added that almost all states restrict sports gambling to those over the age of 21, while betting markets allow users as young as 18, which could “strongly tempt college students – and even highschool students – to interact in these markets in harmful ways.”
Source: NCAA News
Baker called for age and promoting restrictions, a more robust integrity monitoring system, anti-harassment measures and harm reduction resources.
Prediction markets like Kalshi and Polymarket have exploded in popularity and usage in recent months, with betting on sporting events accounting for a big portion of their volume.
Lawmakers and regulators in Connecticut, New York, Nevada, New Jersey and other states have attempted to ban or block sports-related prediction markets, with several state regulators cracking down on prediction market platforms.
Forecast market volumes at record levels
Despite the legal threats, prediction markets proceed to boom, with trading volume hitting a record $701.7 million on Monday.
At $701.7 million, the day before today's previous record of $666.6 million was surpassed, with Kalshi accounting for around two-thirds of the trading volume on each days.
Daily trading volume on prediction markets since September 2024. Source: Dune AnalyticsCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph's editorial guidelines and goals to offer accurate and up-to-date information. Readers are advised to independently confirm the data. Read our editorial policies https://cointelegraph.com/editorial-policy
