BetMGM CEO Says CFTC Actions Leave Prediction Markets at Legal Risk

BetMGM CEO Adam Greenblatt said the Commodity Futures Trading Commission’s latest actions leave prediction markets exposed to legal challenges, as federal appeals courts disagree over states’ authority to regulate sports contracts. On BetMGM’s third-quarter business update call Tuesday, Oct. 13, Greenblatt described the current approach as “cosmetics in pursuit of survival.” He said he expects the Supreme Court to favor states and hopes for an outcome during the Court’s 2026-27 term. He also warned that casino-like products could reappear in another form if prediction markets survive the legal challenges. The CFTC took two separate steps Friday, Oct. 9. An interim final rule excludes sportsbook wagers, casino games and other casino-style products from the federal definition of a swap.

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