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Pennsylvania Warns Against Unregulated Prediction Markets

12/17/2025

Summary

Story summary

The Pennsylvania Gaming Control Board cautions operators not to engage with prediction markets outside state regulations.
The markets, including Kalshi and Polymarket, are financial contracts that evade state oversight.
Executive Director Kevin O’Toole of the Pennsylvania Gaming Control Board warns of regulatory arbitrage and gambling harms.
The board urges federal lawmakers to tighten regulation or authorize state authority over these markets, noting they do not generate state tax revenue.

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Story summary

The Pennsylvania Gaming Control Board cautions operators not to engage with prediction markets outside state regulations.
The markets, including Kalshi and Polymarket, are financial contracts that evade state oversight.
Executive Director Kevin O’Toole of the Pennsylvania Gaming Control Board warns of regulatory arbitrage and gambling harms.
The board urges federal lawmakers to tighten regulation or authorize state authority over these markets, noting they do not generate state tax revenue.