The only legal election betting market in the United States is going away.
On August 4, the Commodities and Futures Trading Commission (CFTC) published CFTC Letter No. 22-08. The letter regards the withdrawal of CFTC Letter No. 14-130.
What was letter 14-130? Well, that was the letter that was the regulatory genesis for the PredictIt prediction market. If you are looking at either of those letters for the name PredictIt, you will not find it.
Then what are the election betting letters about?
Instead, the letter issued in 2014 (14-130) granted no-action relief to Victoria University of Wellington in New Zealand to operate a prediction market on certain political events, similar to a prediction market that had been approved years earlier and run by the University of Iowa‘s Tippee College of Business.