Ro Khanna calls for banning sports 'prediction markets'

Rep. Ro Khanna, D-Calif., on Tuesday urged lawmakers to ban sports prediction markets as online betting sites gain increasing prominence.

Betting sites like Kalshi and Polymarket have branded themselves as "prediction markets" and have often attempted to skirt the label of "gambling," leading to legal disputes in states where it is still illegal. Khanna, for his part, warned that their prominence was fueling gambling addiction.

"Sports prediction markets are sports betting disguised as financial trading. They flout state and tribal gambling laws, siphon state tax revenues, fuel addiction, and expose young Americans to public health risks while evading state consumer safeguards," he posted on X. "Congress must ban them."

Whether the effort is likely to gain any real traction in the next Congress remains unclear.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.