Horsford Demands Congress Close Prediction Markets Loophole After Court Win: ‘The Fight Is Not Over’

Rep. Steven Horsford issued the following statement in response to the U.S. Court of Appeals for the Ninth Circuit's ruling against prediction markets offering sports betting.

“Today, the Ninth Circuit affirmed what Nevadans have always known: prediction markets are gambling. This ruling is an important victory for States’ and Tribes’ authority to regulate gambling.

But the fight is not over. We must continue working to protect consumers, ensure young people aren't targets, preserve state and Tribal rights, and safeguard gaming workers across the country. This issue is far from settled and will likely make its way to the U.S. Supreme Court. Congress must act now to make clear, once and for all, that sports betting - and gambling at large - belongs under state and Tribal gaming laws.

“It is time to stop unelected regulators from bypassing states by passing my bipartisan Prediction Markets Are Gambling Act. This legislation would close the loophole that allows prediction market platforms to offer sports betting and casino-style games. Prediction markets must play by the same rules as traditional gaming operators, including the same consumer protections and licensing requirements.

“The message from the Ninth Circuit is clear. Now it is time for Congress to act and make this principle the law of the land.”

The unanimous ruling was issued by a three-judge panel consisting of judges appointed by President Donald Trump. The case originated in Nevada, where state regulators sought to prohibit Kalshi from offering prediction-market contracts tied to sporting events. Additionally, new analysis by CNN found that young adults between 18 and 21 - who are legally barred from most gambling in the United States - have traded an estimated $5.4 billion so far this year on Kalshi.