Mick Mulvaney launches coalition to bring sports-style betting rules to prediction platforms.
Washington: Mick Mulvaney, who once worked in President Trump’s administration, is starting a new group called Gambling Is Not Investing. He wants sports-betting rules to apply to prediction markets. Mulvaney says if something looks like gambling and works like gambling, then it is gambling.
Mulvaney knows about gambling because he won a poker tournament in Las Vegas. He also tried to make sports betting legal in South Carolina when he worked in Congress. Now he says many prediction markets work exactly like sports-betting websites.
These markets let people bet money on things that might happen, like who will win an election. Mulvaney thinks government officials should treat them like gambling websites instead of letting them avoid rules.
He started his group with help from other people who want more rules. Some senators wrote letters asking the government to be stricter. Other websites now offer prediction markets too, including one linked to Trump’s family.
Mulvaney hopes to convince the White House that common-sense rules would help protect people while still allowing the markets to operate.