Arnold Ventures Commends Senators Curtis and Schiff for Introducing the Prediction Markets are Gambling Act

Philanthropist John Arnold: ​“We applaud Senators Curtis and Schiff for their bipartisan leadership in introducing legislation that brings clarity to the rapidly expanding sports prediction market. The CFTC was created to regulate commodity derivative markets because businesses need price transparency and tools to manage volatility. Sports prediction is merely a form of gambling and, consistent with longstanding practice, should be regulated by the states.” 

Washington, D.C. (March 23, 2026) – Arnold Ventures commends Senators John Curtis (R‑UT) and Adam Schiff (D‑CA) for sponsoring the Prediction Markets are Gambling Act, bipartisan legislation that would reaffirm longstanding congressional intent to prohibit gambling through the commodities markets and make clear that event contracts tied to sporting events or casino-style games should be regulated under state gambling frameworks. 

“We applaud Senators Curtis and Schiff for their bipartisan leadership in introducing legislation that brings clarity to the rapidly expanding sports prediction market,” said John Arnold, Co-Founder and Co-Chair of Arnold Ventures. ​“The CFTC was created to regulate commodity derivative markets because businesses need price transparency and tools to manage volatility. Sports prediction is merely a form of gambling and, consistent with longstanding practice, should be regulated by the states.” 

Arnold Ventures is encouraged to see swift bipartisan action on this issue in both chambers, and applauds the efforts of Representatives Blake Moore (R‑UT) and Salud Carbajal (D‑CA), who sponsored the Event Contract Enforcement Act. This legislation strengthens existing law to empower the CFTC to prohibit the listing of certain prediction markets, including sports gaming. 

Recent polling conducted by the American Institute for Boys and Men and Ipsos shows that Americans regard purchasing event contracts on prediction markets as closer to gambling than investing (61% to 8%). 

Arnold Ventures joins with a growing coalition of governors, attorneys general, faith leaders, and advocates who agree that Congress must move swiftly to pass clarifying legislation to ensure sports prediction markets are effectively regulated while safeguarding individual freedom.