A new YouGov survey reveals that most Americans view sports forecasts as betting and support regulation under state and tribal authorities. With growing interest from major sportsbooks, prediction markets are rapidly shaping the future of sports wagering.
Many people consider sports forecasts to be sports betting, according to a survey conducted for the American Gaming Association.
According to a YouGov survey of 2,025 registered voters, 84% of participants favour regulation of prediction markets in a manner similar to that of sports betting. Sixty-five percent of respondents said state and tribal gaming authorities should be in charge of that form of regulation.
Since the beginning of this year, sports prediction markets have expanded quickly, attracting more attention from sports betting companies.
Using a loophole, according to a survey
According to seven out of ten respondents, prediction markets are taking advantage of a legal loophole that allows them to provide sports betting without identifying as sportsbooks.
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64% of respondents, or nearly two-thirds, believed that it is the duty of gambling operators and regulators to safeguard these bettors and assist them in making responsible wagers.
Adults should be allowed to spend their money anyway they see fit, even if they “lose their shirt,” according to the remaining 36%.
Predictions are entered by sports betting names.
As NFL betting begins, interest from big sports betting companies has increased.
Sports predictions were not included in FanDuel’s August announcement that it was collaborating with exchange operator CME Group to provide forecasts.
In the meantime, Underdog introduced sports predictions in 16 states—mostly those without legal sports betting—through its daily fantasy app. The “future of prediction markets is going to be about sports,” CEO Jeremy Levine told CNBC.
According to Jason Robins, CEO of DraftKings, sports forecasting will be difficult in states where sports betting is allowed. Additionally, he stated that DraftKings is developing its own plans for sports predictions, even though the firm has not yet made any statements.
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