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Senators demand crackdown on wildfire "prediction markets"

First publishedAug 4, 21:52 UTC

Last updatedAug 4, 23:46 UTC · 6m ago

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Senators demand crackdown on wildfire "prediction markets"

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Answer

Several US senators have written a letter to the Commodity Futures Trading Commission (CFTC), inquiring about the agency’s “plans to crack down on prediction markets” that offer “contracts for individuals to bet on wildfires.” “Offering bets on destructive wildfires threatens to minimize communities’ suffering, all so the rich and powerful can profit,” wrote the group of senators, who represent Oregon, California, Nevada, Minnesota, and New Hampshire. The document specifically cites that Polymarket hosted bets in January 2025 on the wildfires in Los Angeles, and it mentions another website which specifically accepts “simulated bets” exclusively on California wildfires.Read full article Comments

Reported by 1 outlet — Ars Technica. See all sources ↓

Read the full report at Ars Technica ↗

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In brief

What's the story?: Several US senators have written a letter to the Commodity Futures Trading Commission (CFTC), inquiring about the agency’s “plans to crack down on prediction markets” that offer “contracts for individuals to bet on wildfires.” “Offering bets on destructive wildfires threatens to minimize communities’ suffering, all so the rich and powerful can profit,” wrote the group of senators, who represent Oregon, California, Nevada, Minnesota, and New Hampshire. The document specifically cites that Polymarket hosted bets in January 2025 on the wildfires in Los Angeles, and it mentions another website which specifically accepts “simulated bets” exclusively on California wildfires.Read full article Comments
How widely is it covered?: 1 outlet, average source rating 7.0/10.
When was it last updated?: 6m ago.

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Senators demand crackdown on wildfire "prediction markets"
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Ars TechnicaAug 4, 21:52

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organizationCalifornia organizationCFTC organizationCommodity Futures Trading Commission organizationNevada organizationOffering organizationOregon organizationSenators organizationSeveral US

Sources (1)

Avg source rating 7.0/10

Ars Technica7

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