Michigan Federal Judge Rules Sports Prediction Markets Are Not CFTC-Regulated, Denies Polymarket's Injunction on June 16

On Wednesday, June 16, a Michigan federal judge ruled that sports prediction markets do not constitute CFTC-regulated swaps, denying Polymarket's bid to block state regulators from restricting its sports event contracts. U.S. District Court Judge Paul L. Maloney stated explicitly that Polymarket is not likely to succeed on the merits of the case and that sports-related wagers are outside the CFTC's jurisdiction. The case is set to proceed to the Sixth Circuit Court of Appeals, with potential escalation to the U.S. Supreme Court.
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