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NFL asks prediction market operators to refrain from ‘objectionable bets’
The NFL shield logo on the field during a preseason game between the Los Angeles Rams and the Houston Texans at NRG Stadium in Houston on Aug. 24, 2024.
Ric Tapia | Getty Images Sport | Getty Images
The NFL is asking prediction market operators to keep specific event contracts that the league deems “objectionable bets” off of their platforms.
In a letter obtained by CNBC, the league outlines examples of event contracts that would be easily manipulable by a single person, inherently objectionable, related to officiating and knowable in advance — and asks that operators refrain from offering such trades.
The NFL declined to comment on which companies received the letter, but said it was sent to operators that are registered with the Commodity Futures Trading Commission and that offer NFL trades.
Prediction platforms Kalshi and Polymarket have dominated the burgeoning predictions industry in recent months, spurring sports betting incumbents like FanDuel and DraftKings to enter the predictions space, as well.
“Sports prediction markets are not effectively regulated currently,” NFL executive vice president Jeff Miller said in a statement. “We will continue to engage with the CFTC in pursuit of the necessary guardrails to protect both the integrity of the game and consumers participating in these rapidly evolving markets.”
While some leagues such as the NHL, MLB and MLS have embraced prediction markets, signing operators as partners, the NFL has been more cautious.
“There is no greater priority for the NFL than protecting the integrity of our games and the welfare of our players,” the letter stated.
In the letter, signed by NFL Chief Compliance Officer Sabrina Perel, she says it is encouraging that the CTFC recognizes that sports-related prediction markets should be regulated differently than other futures contracts.
The examples provided in the letter of events that could be easily manipulated by a single person included whether a kicker would miss a field goal, a quarterback’s first pass being incomplete, or a receiver missing their first target.
The list also included non-game related event contracts, such as broadcast mentions, or appearances by fans or celebrities at the games. During the Super Bowl, these types of wagers were extremely popular, such as whether Jeff Bezos would be in attendance.
Kalshi CEO Tarek Mansour told CNBC after the February championship game that the prediction platform saw more than $100 million in trading volume alone on a question of what halftime performer Bad Bunny’s first song would be.
The league also took issue with “inherently objectionable” wagers such as play injuries, fan safety and play misconduct.
The letter concludes by saying the NFL would be happy to meet to discuss “our views on sports prediction markets in greater detail, including prohibited bettors, information sharing with leagues and responsible betting measures.”
Disclosure: CNBC and Kalshi have a commercial relationship that includes a CNBC minority investment.
Business
Govt gives 30-day relief to gems, jewellery exporters amid Middle East disruptions; shipment delays prompt easing – The Times of India
In response to disruptions in cargo movement linked to the Middle East crisis, the government has allowed an additional 30 days for the gems and jewellery sector to fulfil specific export and import timelines.The relaxation comes as exporters face delays in consignments to key markets in the region, which accounts for nearly 30 per cent of India’s gems and jewellery exports worth $26.2 billion during April-February this fiscal.Announcing the measure, the Directorate General of Foreign Trade (DGFT) said the extension covers select categories under Chapter 4 of the Handbook of Procedures (HBP-2023), which deals with duty exemption and remission schemes.“Facilitative provisions for the gems and jewellery sector under Chapter 4 of HBP-2023 have been incorporated in response to recent geopolitical developments in West Asia, and the export/import (as applicable) period for specific categories is being extended by 30 days without any requirement for fees or an application,” the DGFT said in a public notice.Among the key changes, the re-export window for diamonds imported for certification or grading has been extended from 90 days to 120 days. A similar extension has been provided for exports involving precious metals supplied by foreign buyers.Timelines have also been relaxed for re-import of jewellery sent abroad for exhibitions, as well as for exports linked to gold sourced from nominated agencies, outright purchases, loans and replenishment schemes.Officials said the one-time relief is intended to help exporters complete transactions smoothly amid logistical delays, while maintaining continuity in trade flows.Exporters will not be required to file fresh applications or pay any additional fees to avail of the extension, and customs authorities have been instructed to process transactions after necessary verification.Industry participants said the disruptions stem from recent geopolitical tensions following a joint US-Israel attack on Iran, which has affected air and sea routes across the Middle East.Welcoming the move, former Gems and Jewellery Export Promotion Council chairman Colin Shah said the extension provides timely support to exporters facing challenges in shipments to the region.“We hope the situation will improve soon,” he said, adding that India’s exports to the UAE are around $10 billion
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