Partner and Financial Markets and Regulation Co-Chair Carl Kennedy spoke with Politico regarding financial firms increasingly looking to sports prediction markets as the next frontier for trading. Sports events contracts have sparked the ire of state gaming authorities and other gaming and tribal organizations, who argue that these products are sports betting. The Commodity Futures Trading Commission (CFTC) is at the center of the debate on whether it will use federal regulation to preempt state gaming laws. Carl, who is also a former CFTC official, commented on the ongoing disputes, "There’s a lot of money at stake. There’s motivation on both sides to keep this going."
Despite the legal uncertainty, companies remain undeterred. As Gary DeWaal, retired Katten Special Counsel, put it, "The bottom line is play ball."
"It’s football season on Wall Street," Politico, August 21, 2025
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Partner and Co-Chair, Financial Markets and Regulation+1.212.940.8544
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