CFTC Is Allowing Sports Event Contracts Presented by: [Indian Gaming Association
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What are Sports Event Contracts? • “Sports Event Contracts” are derivative contracts where the payout is based on the outcome of sporting events or parts thereof. • Sports Event Contracts necessarily constitute “sports betting.” • Online trading platforms regulated by the Commodity Futures and Trading Commission (CFTC) have launched Sports Event Contracts that enable nationwide online sports betting. • Congress amended the Commodity Exchange Act in 2010 to codify its intent to prevent gambling through the futures market. • The CFTC regulations expressly prohibit Sports Event Contracts. • Sports Event Contracts violate the rights of Tribal Nations to regulate sports betting pursuant to Class III Gaming Compacts.
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