Comment Re:Why are people calling these things âoepre (Score 1) 66
A futures market is a prediction market as well. Most futures contracts are bought and sold with no intention of taking delivery. They are regulated at the federal level.
Straight forward gambling (activities where outcomes are determined by chance) is regulated by the states. However the Commerce Clause clearly grants the power to regulate interstate commerce to the federal government.
So we have a proper jurisdictional argument about who gets to regulate prediction markets and presumably who gets to collect the tax on innumeracy.
If the betting pools take money from across the country they are likely to fall under federal jurisdiction. That's my take on it, but I am not a lawyer, and I don't gamble either.