Massachusetts regulator can’t touch prediction-market complaints

The MGC has fined licensed sportsbooks $1m+ & they’ve returned nearly $10m to patrons for errors, powers it has no equivalent of over prediction markets.

The hit

The Massachusetts Gaming Commission says it has been inundated with complaints about prediction markets it has no authority to resolve, an MGC spokesperson told Gambling Insider, according to Casino.org. The regulator redirects consumers to the federal Commodity Futures Trading Commission instead, since the platforms fall under CFTC oversight.

Why it matters

Prediction markets generally let users aged 18 & over trade event contracts, against a minimum age of 21 at licensed Massachusetts sportsbooks. The contracts are treated as federally regulated financial derivatives rather than wagers, a position disputed by regulators in multiple states. MGC chair Jordan Maynard told Congress the two-tier system confuses users who can’t tell the products apart.

The record

Enforcement actions against licensed sportsbooks	39, collecting over $1m (MGC)
Refunds to bettors for operator errors	nearly $10m (MGC)
Sports betting legalised / launched in Massachusetts	2022 / 2023
Minimum age: licensed sportsbooks vs prediction markets	21 vs 18
Maynard’s testimony	House subcommittee hearing, Wednesday (Nov. 11)

What happens next

Maynard has urged Congress to preserve state & tribal authority over sports betting & ban college player prop bets nationally. Watch for any federal response at the House subcommittee following Wednesday’s hearing.

Sources: Massachusetts Regulator Swamped With Prediction Market Complaints It Can’t Resolve

Named in this story? Reply to newsdesk@infobets.com & we publish it.

18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.