Prediction markets firms take heat in Senate Commerce hearing scrutinizing surge

Sports betting on firms such as Kalshi was the focus of questions over advertising to children, cheating from athletes and undermining regulated gaming. What to know : The fast-growing prediction markets sector where users bet on the outcome of events, including in sports and politics, was the focus of a hearing from the U.S. Senate Commerce Committee. Lawmakers from both parties were critical of cheating scandals, advertising practices and the potential for the industry to undermine gaming regulated by the states and tribes.