New Jersey Becomes First State to Ask Supreme Court to Weigh In on Prediction Markets

New Jersey is now the first state to ask the U.S. Supreme Court to step into the fight over the legal status of prediction markets. That happened after several appeals courts came out differently on a basic question: do states have the power to crack down on sports-related prediction market products, or not? So now there’s a mess. Platforms offering event-based contracts are stuck dealing with that uncertainty. New Jersey’s petition asks the highest court to set one clear legal standard. The case could become a precedent for how states regulate prediction markets, which have faced growing scrutiny from regulators. The Supreme Court still has not decided whether it will hear the case.