Sporttrade has asked the CFTC to let it operate as a sports betting prediction market nationwide.

Historically, regulators have generally taken a firm stance against unlicensed online betting platforms — especially those that allow election betting. In 2022, the Commodity Futures Trading Commission (CFTC) prohibited Polymarket from taking bets in the U.S. That ban remains in place at the time of last update.

However, things have changed in the last two years. While the CFTC has attempted to enforce similar bans against PredictIt and Kalshi, PredictIt won its case in July 2023.

The CFTC’s case against Kalshi is ongoing. However, an October 2024 injunction that allowed it to continue operating while the case was decided was widely interpreted as a legal green light for prediction markets, including election-related prediction markets. In the weeks after that ruling, Interactive Brokers added ForecastEx contracts to its trading platform. Robinhood also launched an sports betting market that uses contracts.