Maryland is questioning the legality of certain sports event contracts as the Commodity Futures Trading Commission (CFTC) prepares for a roundtable discussion on the topic. The state’s Attorney General’s office sent a letter to the CFTC expressing concerns about agreements that allow individuals to place bets on sports events without actually owning the underlying financial interest being wagered on.
These contracts, known as event contracts, have been growing in popularity with the rise of online sports betting platforms. Maryland believes that these contracts could be considered illegal gambling under existing laws and regulations. The state is pushing for further clarification and regulation in order to protect consumers and maintain the integrity of sports betting markets.
The CFTC is expected to discuss the issue at an upcoming roundtable, where stakeholders from the industry will have the opportunity to provide their input. Maryland’s challenge to these contracts could have far-reaching implications for the sports betting industry as a whole, potentially leading to stricter regulations and oversight in the future.
Overall, Maryland’s actions highlight the ongoing debate surrounding the legality and regulation of sports event contracts in the growing online betting market.
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