Lawmakers scrutinize sportsbooks, prediction markets at testy hearing
Senate lawmakers questioned officials from the gaming and prediction‑market industries about aggressive marketing, integrity monitoring, and consumer safety during a contentious hearing. Industry representatives defended the increased oversight of major sportsbooks and denied targeting minors, while emphasizing differences between traditional betting and prediction markets. Lawmakers expressed concerns over unregulated offshore markets, potential insider trading, and the need for stronger federal oversight.
- ▪Senators Ted Cruz and Marsha Blackburn warned that game rigging must be rare and that the rapid expansion of legal sports betting raises consumer‑protection concerns.
- ▪Bill Miller, president of the American Gaming Association, said major sportsbooks such as FanDuel, DraftKings and BetMGM have doubled down on integrity monitoring and denied advertising to children.
- ▪Former Rep. Patrick McHenry explained that prediction markets differ from sportsbooks because participants trade with each other and the platform only takes transaction fees.
- ▪Harry Levant of the Public Health Advocacy Institute urged federal oversight, citing an unregulated avalanche of advertising aimed at 18‑year‑olds.
- ▪Senator Jacky Rosen questioned the risk of prediction markets circumventing mandatory consumer protections, highlighting the need for regulatory standards.
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Senate Lawmakers scrutinize sportsbooks, prediction markets at testy hearing Comments: by Dominick Mastrangelo - 05/20/26 3:15 PM ET Comments: Link copied by Dominick Mastrangelo - 05/20/26 3:15 PM ET Comments: Link copied NOW PLAYING Senators from both parties peppered officials from the gaming and prediction market industries with questions about their aggressive marketing strategies, integrity-monitoring practices and efforts to protect consumer safety during a sometimes testy hearing on Wednesday. The Senate Commerce, Science and Transportation Committee’s hearing took place amid rising worries about betting scandals, and the possibility that people have been using insider information from government work to cash in on unregulated prediction markets.
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