Charlie Baker urged the CFTC to halt player prop markets and adopt more safeguards for other markets to protect athletes and competition integrity.
Charlie Baker urged the Commodity Futures Trading Commission to halt player prop markets and adopt more safeguards for other markets to protect student-athletes and competition integrity.The CFTC has not implemented major regulations since Baker last wrote in January.
Baker called for a number of changes, including market elimination, cooperation, customer restrictions, and more.to Commodity Futures Trading Commission chairman Michael S. Selig, on Tuesday. It was written after no changes were made to the federal regulation of sports event contracts at prediction platforms since Baker The correspondence contained 12 “respectfully ” bullet points with recommended policies and measures to protect college sports, student-athletes, and institutions. It noted the suggestions are based on the NCAA’s experience dealing with sports betting since it was federally legalized in 2018, and its “comprehensive sports betting harm reduction program,” which it claimed significantly reduced the negative effects of wagering in college sports. The first two ideas deal with the monitoring of contract trades; specifically, requiring prediction platforms to report suspicious activity within a timely manner, as well as to geo-track traders, which the letter said “does not appear to be systematically captured on current prediction platforms.” The information would be used to assist investigations in cases involving questionable trading. Further down, Baker campaigned for the removal of player prop prediction markets. This follows his campaigns against player prop availability at sportsbooks, which led several states to pull the wagers from their state’s approved catalog. The NCAA has consistently advocated for the elimination of college sport proposition betting markets due to their negative impact “on student-athletes and sports competition integrity.” He also called for general restrictions and limitations, including creating a list of prohibited traders, such as student-athletes and officials, increasing the minimum trading age to 21, and outlawing NIL advertising deals involving prediction markets. Baker’s letter encouraged the CFTC to allow governing bodies such as the NCAA to collaborate with prediction platforms on their lists of markets. It also asked for programs designed to educate individuals about the effects of gambling harm and to identify and treat those suffering from problem gambling behaviors to be extended to prediction platforms. Baker’s final suggestions included anti-harassment measures, establishing clear language across all college sports markets, and creating “substantial penalties” for platforms that do not comply with the regulations. The letter closed by reinforcing Baker’s desire to have the CFTC shut down college sports prediction markets until more regulations are created. “The NCAA appreciates the Commission’s attention to this matter,” he said. “While I continue to believe that a temporary suspension of trading on these markets would be prudent, collaborating with you and the Commission to develop the safeguards described above to protect student-athletes, consumers, and the integrity of collegiate athletic competitions, is essential.”The letter was sent the same week that March Madness - which is projected to draw more than $4 billion in sports bets and trades - tipped off. While this year's tournament recently began, Baker’s opposition to player prop markets and loosely regulated markets did not. He hasGrant jumped into the sports betting industry as soon as he graduated from Virginia Tech in 2021. His fingerprints can be found all over the sports betting ecosystem, including his constant delivery of breaking industry news. He also specializes in finding the best bets for a variety of sports thanks to his analytical approach to sports and sports betting.Copyright © 1995 - 2026 CS Media Limited All Rights Reserved. If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.
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