Prediction markets are regulated by the federal Commodities Futures Trading Commission, even in states that don’t allow gambling. That could spark a legal battle to define an industry with little oversight in fields from sports to national security.
Sports betting has had a surge of popularity in the U.S., even as star athletes have been implicated in gambling scandals.
Everyone from Native American tribes to online entities wants a piece of what some call the “holy grail” of the sports gambling landscape.
It’s an attractive — if contentious — revenue stream for schools.
