Called the “Prediction Markets Are Gambling Act,” the bill would prohibit entities registered by the Commodity Futures Trading Commission, or CFTC, from listing any prediction contract that resembles sports betting or casino-style gambling.

“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” Curtis said in a news release. “Our bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming. The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families and keeping speculative financial products out of spaces where they don’t belong.”

CFTC-registered prediction markets, such as Kalshi, offer people the ability to make predictions on sports and real-life events that are “indistinguishable from gambling,” according to the news release.

Curtis said these prediction markets, which are listed in all 50 states, have rapidly grown in the past year, with Super Bowl trading volume surpassing $1 billion in 2026.

“For 15 years, the CFTC has enforced its authority to prohibit the listing of a contract that involves, relates to or references “gaming,” the news release said. “However, the CFTC and its chair have abruptly reversed course — intervening in ongoing litigation and proceeding with rulemaking to significantly relax the CFTC’s enforcement of this clause. Now, the CFTC is entering into partnerships with entities like Major League Baseball to further facilitate these markets’ growth.

“The Prediction Markets Are Gambling Act would prohibit any CFTC-registered entity from listing a contract that closely resembles a sports bet or a casino-style game, reinforces Congress’ original intent that the Commodity Exchange Act does not permit sports gambling, and removes any ambiguity in the statute.”