CFTC Rule, Proposal and Court Rulings Leave State Fight Over Sports Contracts Open

The CFTC issued an interim final rule to exclude casino-style wagers from the swap definition and proposed including event contracts, while appellate rulings leave unresolved when states may apply gambling laws to sports contracts. On Oct. 9, the CFTC issued an interim final rule that would exclude sportsbook wagers, casino games and other casino-style gambling products from the Commodity Exchange Act’s (CEA) definition of a swap. The rule takes effect upon publication in the Federal Register. In a separate proposal, the CFTC would define swaps to include event contracts based on sports, politics, cultural events and weather.

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