A new advocacy organization called Americans for Fair Markets has launched to shape federal policy on prediction markets and federally regulated exchanges. The new organization will take on the sportsbook and casino interests that are focused on protecting their monopolies and seeding lies about prediction markets to policymakers. It will also run campaigns to promote pro-innovation, pro-integrity, and pro-consumer protection legislation. The organization will join the broader industry effort that includes the Coalition for Prediction Markets but will be more focused on running earned and paid campaigns to counteract the spread of false narratives about prediction markets and to promote the industry’s legislative and regulatory priorities.
Prediction markets are now a ~$500B asset class, with millions of Americans using them monthly. The industry has experienced explosive growth over the past year - Kalshi has seen 32x in annualized volume. It’s under siege by the gaming lobby, who is looking to protect their monopolies vs. letting competition run its course.
AFM launches with the support of Kalshi, the first CFTC-regulated prediction market exchange, and a coalition of the industry's largest stakeholders.
What AFM is fighting for:
Federally regulated, onshore exchanges vs. offshore platforms with no KYC and no recourse
Individual rights — consenting adults decide for themselves
Pro-innovation, pro-integrity, pro-regulation: full CFTC funding, bans on insider trading and on markets tied to war, death, terrorism and assassination
Driving the news:
The bipartisan Gillibrand-McCormick bill dropped earlier this month — the first comprehensive federal framework for the industry
The CFTC is undergoing a rule-making process that is expected to strengthen consumer protections and market integrity regulations
The Third Circuit's Kalshi v. Flaherty ruling reset the federal preemption fight
The American Gaming Association, led by former Gov. Chris Christie, are trumpeting a patchwork of inconsistent state gaming laws vs. federal oversight
FairPredicts, a new organization to protect sportsbook and casino monopolies, just launched, spreading false information about prediction markets.
"We're not going to be outspent or out-organized by entrenched interests protecting their monopolies. Millions of Americans have shown they want regulated, open, and fair prediction markets — and we're going to make sure they have access to them." — John Bivona, AFM board member, Head of Government Relations at Kalshi, and Biden admin alum.
AFM has tapped Taylor Budowich as its strategic advisor. Budowich most recently served as Deputy White House Chief of Staff under Susie Wiles.
