NFL asks CFTC to curb high risk sports prediction contracts

The National Football League has urged the U.S. Commodity Futures Trading Commission to tighten its proposed prediction market rules, arguing that stronger safeguards are needed to protect game integrity and consumers. Summary The NFL has asked the CFTC to tighten its proposed prediction market rules to strengthen game integrity and consumer protections. The league wants stricter limits on sports contracts that could be manipulated or rely on insider information. The CFTC is developing a federal framework for event contracts while requiring exchanges to provide more detailed product filings. The request comes as the CFTC continues defending federal oversight of prediction markets against state-level restrictions. According to The Closing Line, which obtained a July 27 letter sent to CFTC Chair Michael Selig, the NFL told the regulator that its draft framework for prediction markets contains useful proposals but does not go far enough to address risks tied to sports-based event contracts. “The NFL’s highest priority is preserving the integrity of our games,” the league wrote in the letter published by The Closing Line. It added that maintaining that integrity is also important for t...