A bipartisan U.S. bill is aiming to ban event contracts that look like sports betting or casino-style games, directly targeting platforms like Kalshi and Polymarket. Lawmakers argue these products are essentially gambling — just repackaged under a different name.

If passed, this could significantly reshape the industry, cutting off one of its fastest-growing segments. The debate now isn’t just about regulation — it’s about whether prediction markets are financial tools or simply a new form of betting.