As hoops betting spikes, it's New Hampshire and other states vs. prediction markets
New Hampshire state Senator Tim Lang plans to introduce legislation to regulate prediction markets, which could impact state revenues from sports wagering. Several states, including Connecticut, Michigan, and Washington, are already in court battles with prediction market companies over the issue.
New Hampshire legalized sports wagering in 2019, generating over $170 million in revenue. However, the rise of prediction markets, such as Kalshi and Polymarket, may threaten this revenue. These companies allow customers to buy 'yes' or 'no' futures contracts on event outcomes, including sports. States argue that this is a form of sports betting, but the companies claim they are operating as financial markets. New Hampshire and other states are taking legal action to regulate these markets and protect their revenue. The issue is ongoing, with mixed court rulings and unclear laws. The Trump administration supports the companies' view, but states are pushing for regulation.
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