What Prediction Market Apps Mean For Oklahoma
Sports betting has not been legalized in Oklahoma, but Oklahomans are still placing wagers on college football and NFL games this season, using apps that federal regulators classify as prediction markets rather than gambling platforms.
Kalshi and Polymarket have taken advantage of that classification to offer sports-event contracts to Oklahoma users, according to KOCO 5 News.
How Big The Prediction Market Is In Oklahoma
Kalshi, one of the largest prediction market companies, says it has more than 100,000 users in Oklahoma. Wiley Harwell, executive director of the Oklahoma Association of Problem Gambling and Gaming, said the products fit the definition of gambling regardless of how they are labeled.
"It still meets the definition of what is gambling, which is investing money in the hope of getting more money in return," Harwell told KOCO.
He added that the ease of access to the latest apps, not to be confused with betting apps, "creates that impulsivity, which is part of the gambling disorder."
Tribal Gaming Leaders Push Back
Matthew Morgan, chairman of the Oklahoma Indian Gaming Association, said traditional tribal gaming includes safeguards that may not exist on prediction market platforms, including tested and regulated games and protected wagers.
The dispute is playing out in the courts: the Ninth Circuit recently ruled that federal commodities law does not stop states from enforcing their own laws against sports-event contracts, a decision Morgan called "a win for Indian Country" and "a win for states."
Kalshi disagrees, saying the ruling actually confirms that federal law prevents states from regulating trading on a federally licensed exchange, and that it will seek further review.
A separate Third Circuit ruling found that states cannot regulate prediction markets, and Oklahoma is watching the split as the issue potentially heads to the U.S. Supreme Court.
Where Legalisation Stands
Oklahoma lawmakers have tried to legalize sports betting through legislation, most recently House Bill 1047, which failed to pass in April.
State Sen. Bill Coleman has led the Senate effort to legalize sports betting. Morgan said tribal gaming leaders are ready to revisit the conversation in the next legislative session.
"Let's sit down. If there's some small tweaks here and there that we need to make to satisfy groups, let's have those discussions," he said. "But I really think it's a win-win for both tribal governments and state governments."
Harwell said that if Oklahoma does legalize sports betting, prediction-market users should have access to the same problem-gambling resources as other gamblers.
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