· Judiciary Insight · Senate · 1 min read
Cortez Masto Questions Whether Prediction Markets Are Gambling
Full context
Sen. Catherine Cortez Masto and gambling addiction clinician Harry Levant discussed the regulatory status of prediction markets during an August 4, 2026, Senate Committee on Indian Affairs roundtable.
Cortez Masto pointed to a Nevada court ruling that temporarily blocked Kalshi from operating in the state after a judge found its event contracts indistinguishable from traditional sports betting.
Levant argued that the policy debate should extend beyond whether prediction markets are formally classified as gambling. He called for minimum federal safety standards covering both prediction-market sports contracts and traditional products such as same-game parlays, warning against relying on a patchwork of 50 state systems.
Read the committee’s roundtable page.
