NFL urges Supreme Court to look at prediction markets

NFL asks Supr eme Court to rule on prediction markets

The NFL urged the Supreme Court on Thursday to take up a case over who has the authority to regulate prediction markets, arguing that wagers on the platforms should fall under state gambling laws .

The league filed an amicus brief as part of a dispute between Kalshi and the state of New Jersey, which has asked the justices to weigh in on the issue that has produced conflicting decisions at the appellate level.

“This split of authority, and the consequent uncertainty about the regulatory oversight of sports wagering on DCMs [designated contract markets], pose a significant challenge to the NFL’s game-integrity and consumer-protection efforts,” it wrote in Thursday’s filing.

Kalshi and other prediction markets argue that the wagers they offer are financial instruments known as “swaps” and are federally regulated by the Commodity Futures Trading Commission (CFTC) .

States, by contrast, view this as gambling and contend it should fall under their jurisdiction.

Under the Trump administration, the CFTC has weighed in on the dispute in favor of prediction markets , bringing numerous lawsuits against states that have moved to enforce their gambling laws against the platforms.

The NFL suggested Thursday there would be “less cause for concern” if the CFTC and prediction markets “were to adopt the same robust safeguards and engage in the same vigorous oversight” as state and tribal regulators and traditional sports betting.

“But that is not what is happening today,” it added.

The Hill’s Julia Shapero has more here .

Welcome to The Hill’s Business & Economy newsletter , I’m Max Rego — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

Trump’s rekindled alliance with Elon Musk on display at medal ceremony

President Trump heaped praise on Elon Musk on Thursday as he awarded the tech leader with the National Medal of Science, just a little more than a year after the high-profile relationship between the pair turned into an explosive public feud.

House Minority Leader Hakeem Jeffries (D-N.Y.) vowed that Democrats, if they win the House in next month’s midterms, will launch immediate investigations into corruption allegations against President Trump, his family and other associates who have benefited financially during the early years of his second term.

GOP efforts to lower gas prices derailed by Republican infighting

Republican efforts to reduce national gas prices in the weeks before Election Day were derailed in the Senate by infighting among GOP lawmakers and members of the administration who could not agree on how to ease consumers’ pain at the pump.

Mortgage rates hit 7.4 percent for first time since November 2023

Mortgage rates increased again this week, with the average 30-year rate hitting 7.4 percent for the first time since November 2023, Freddie Mac reported Thursday.

Business and economic news we’ve flagged from other outlets:

US farm debt is at a record. Official data might be undercounting it ( Reuters )

Washington’s bitter, partisan restaurant divide — with data ( The Washington Sun )

PepsiCo posts higher profit, sales as turnaround continues ( Wall Street Journal )