Cortez Masto: Sports Prediction Markets Are Gambling
Nevada Sen. Catherine Cortez Masto said on Monday, November 9, 2026, that sports prediction markets are plainly gambling on sportsbooks, and criticized the Commodity Futures Trading Commission for pushing exchanges to drop state-by-state access limits.
Her post on X came four days after the CFTC told federally regulated exchanges they have 30 days to end domestic geographic restrictions or explain why they cannot.
The dispute follows months of litigation over who regulates sports event contracts, which we track in our guide to the CFTC versus states fight.
What The CFTC Ordered
On November 5, the CFTC issued an interpretation of Regulation 38.151(b), the impartial access requirement for designated contract markets.
The agency said exchanges must stop domestic geographic restrictions that violate the rule within 30 days, or submit to its Division of Market Oversight an explanation for why compliance is not feasible. It also said intermediaries that reach those markets must not impede impartial access.
CFTC Chairman Michael Selig said in the release that derivatives markets must operate on a uniform basis at national scale, and that geographic access restrictions are inconsistent with the Commodity Exchange Act.
The release did not name any exchange or announce penalties; it said the commission will consider the facts of any particular case.
What Masto Said
In her post, as reported by iGaming Times and the senator's feed on Forth, Cortez Masto wrote that federal courts have repeatedly ruled that states and tribes regulate gambling within their territory.
She said sports prediction markets are obviously gambling, and accused the CFTC chairman of encouraging companies to keep offering these bets in violation of court orders.
She went on to say the Trump family is heavily invested in prediction market platforms, and that the move would undermine tribal and state sovereignty to create profits for the president's family.
The reported text of the post does not name a company or a family member. These are Cortez Masto's claims. The CFTC's release predates her post and does not address them.
A Long-Running Position
Her view is consistent with earlier action. In a February 13, 2026 letter to Selig, she and other Senate Democrats urged the CFTC not to intervene in pending litigation over sports contracts, arguing the Commodity Exchange Act bars contracts involving gaming and that state and tribal gambling laws are not preempted. The letter said platforms were offering contracts that mirror sportsbook wagers.
Nevada is at the center of the dispute: the Ninth Circuit backed Nevada's gambling law against Kalshi.
The 30-day window from November 5 runs to early December. Exchanges will either lift restrictions or file explanations, and states with court orders in place will be watching.
Bettors in states that restrict these contracts should check what is available where they live, and can follow developments on our prediction markets hub.
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