See the link below. From the article:
”The NCAA said Thursday it was "deeply concerned" about the lack of guardrails for the online prediction markets that are challenging betting industry norms after financial company Robinhood began allowing trades on college football.
Robinhood announced Tuesday that it was launching markets on the outcomes of professional and college football games this season. The company said in a release that it will allow customers to trade on the outcomes of every NFL game and every college game involving schools from the Power 4 conferences and independents. A market on the winner of Saturday's Iowa State-Kansas State game was open for trading Thursday night. Robinhood also offered a market on the Heisman Trophy winner.
Robinhood's move is in partnership with the financial exchange Kalshi, which earlier in the week began offering trading on college football point spreads and over/under totals on its own site. Prediction markets have emerged over the past year and are competing with traditional sportsbooks such as DraftKings and FanDuel in the evolving U.S. betting market.
Robinhood and Kalshi claim they fall under the jurisdiction of the Commodity Futures Trading Commission, a federal agency, and not state gambling regulators, which oversee the sportsbooks.
The NCAA believes companies offering markets on college athletics outside of state regulatory bodies "pose a threat to competition integrity and student-athlete safety," according to a statement by Tim Buckley, a senior vice president for the NCAA.
"We will continue to analyze developments of this market and work with industry leaders to help ensure guardrails and regulations to protect NCAA competition, student-athletes, coaches and officials," Buckley said.”
www.espn.com
Stupid money.
”The NCAA said Thursday it was "deeply concerned" about the lack of guardrails for the online prediction markets that are challenging betting industry norms after financial company Robinhood began allowing trades on college football.
Robinhood announced Tuesday that it was launching markets on the outcomes of professional and college football games this season. The company said in a release that it will allow customers to trade on the outcomes of every NFL game and every college game involving schools from the Power 4 conferences and independents. A market on the winner of Saturday's Iowa State-Kansas State game was open for trading Thursday night. Robinhood also offered a market on the Heisman Trophy winner.
Robinhood's move is in partnership with the financial exchange Kalshi, which earlier in the week began offering trading on college football point spreads and over/under totals on its own site. Prediction markets have emerged over the past year and are competing with traditional sportsbooks such as DraftKings and FanDuel in the evolving U.S. betting market.
Robinhood and Kalshi claim they fall under the jurisdiction of the Commodity Futures Trading Commission, a federal agency, and not state gambling regulators, which oversee the sportsbooks.
The NCAA believes companies offering markets on college athletics outside of state regulatory bodies "pose a threat to competition integrity and student-athlete safety," according to a statement by Tim Buckley, a senior vice president for the NCAA.
"We will continue to analyze developments of this market and work with industry leaders to help ensure guardrails and regulations to protect NCAA competition, student-athletes, coaches and officials," Buckley said.”
NCAA 'concerned' by football prediction markets
The NCAA expressed concern over the lack of guardrails for online prediction markets after financial company Robinhood announced Tuesday that it's allowing trades on the outcome of college football games this season.
www.espn.com
Stupid money.
