{
  "id": 17954462,
  "title": "Prediction Markets Could Face Bipartisan Reckoning After Midterms",
  "url": "https://urgent.news/2026/11/03/prediction-markets-could-face-bipartisan-reckoning-after-midterms",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T11:30:00.000Z",
  "source": {
    "name": "Front Office Sports",
    "slug": "front-office-sports",
    "url": "https://frontofficesports.com/article/prediction-markets-could-face-bipartisan-reckoning-after-midterms/"
  },
  "original_language": "en",
  "account": "Both Kalshi and Polymarket are predicting a probable Democratic victory in the upcoming midterm elections, scheduled for Tuesday. Despite the outcome, experts anticipate that the prediction-market industry will face increased bipartisan scrutiny in Washington, D.C., as lawmakers seek to strengthen regulation. Craig Holman, a government affairs lobbyist at the consumer advocacy group Public Citizen, expects \"a great deal of action\" after the midterms, with both Democrats and Republicans questioning the role of these markets in electioneering and political events. Concerns over insider trading and event contracts related to politics and war are significant to lawmakers from both parties. The political backlash to prediction markets gained momentum earlier this year, leading to at least 15 state-level proposals for prediction-market legislation, with bipartisan support for some, such as the Prediction Markets are Gambling Act introduced by Senators Adam Schiff (D., Calif.) and John Curtis (R., Utah). Utah's attorney general recently filed felony criminal charges against Kalshi and its founders for alleged illegal gambling in the state, prompting other firms like DraftKings and FanDuel to cease offering sports and political event contracts in Utah. The Commodity Futures Trading Commission (CFTC), which oversees prediction markets, has backed the industry's ability to provide sports event contracts, even in states where traditional sports betting is illegal. The CFTC has also sued Utah, Kentucky, and New Mexico over their attempts to prohibit sports event contracts. Even if Democrats gain control of both chambers of Congress, CFTC Chairman Michael Selig is unlikely to be removed, as he is the only commissioner and their appointment requires presidential approval. There are, however, other ways Congress could reshape the prediction-market industry, including adding commissioners, exerting pressure through CFTC funding, or holding hearings and investigations post-election.",
  "summary": "Experts say the industry will face bipartisan pressure regardless of the election’s outcome.",
  "key_points": [
    "Both Kalshi and Polymarket predict Democratic victory in midterms.",
    "Bipartisan scrutiny anticipated for prediction-market industry.",
    "Concerns over insider trading, event contracts, and gambling."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}