DeMora Calls for State Regulation of Prediction Markets

Today, state Senator Bill DeMora (D-Columbus) issued the following statement after the United States Sixth Circuit Court of Appeals found that prediction markets, such as Kalshi and Polymarket, can be regulated by the state’s sports betting laws.

“This decision solidifies that prediction markets are not exempt from Ohio law, and that they need to be regulated the same way other sports betting companies are,” said DeMora. “With the rise of prediction markets in Ohio and across the country, this is not a partisan issue; it is one that needs to be addressed immediately. I have introduced two bills reinforcing that these prediction markets and certain ‘contracts’ that they offer to bettors need to be regulated the same as other sports betting companies. Ohio is losing out on tens of millions of dollars every month by not regulating these sites.”

Senate Bill 430 specifies that using prediction markets to bet on sporting events is considered sports gambling and subject to the same regulations by the state. Senate Bill 479 would prohibit individuals from betting on elections and ban prediction markets from offering election-related “contracts” on their platform.

Both bills are awaiting sponsor testimony in their respective committees.