WASHINGTON, D.C.— Dominick Freda, Legal Director of Better Markets, issued the following statement about its amicus brief supporting Ohio’s authority to regulate Kalshi and other online sportsbooks: 

“Every American is entitled to stable prices in the essential goods we consume in our daily lives, from gas to groceries. And it is the role of the CFTC to make sure those markets run fairly and efficiently. But, once again, the CFTC has chosen to use taxpayer funds to promote illegal, unregulated online casinos that call themselves ‘prediction markets’ rather than doing its real job of policing the commodities markets that people depend on. The federal courts have another opportunity to put the CFTC back in its place, regulating actual derivatives and commodities futures, rather than cheerleading for unregulated online casinos. 

“Today, we stand with Ohio and other states that seek to make sure that online sports betting is subject to proper rules and regulations that can limit problem gambling and the societal ills that inevitably flow from it. Our brief explains how Congress never intended to unleash nationwide gambling, nor did it intend the CFTC to ignore its real job of policing the commodities and derivatives markets to instead shamelessly promote unregulated casinos that benefit no one. Those so-called ‘prediction markets’ inflict endless harm on the public—from rampant insider trading to unmitigated problem gambling and even corrupting our elections. 

“The CFTC is too small, inexperienced, and ill-equipped to regulate nationwide gambling, and should leave it to Ohio and the other states whose laws have protected the American public for decades.” 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.