Betting's New Headache
A bipartisan Senate bill is moving to ban sports betting on prediction markets like Kalshi and Polymarket — a big regulatory hit to nontraditional wagering platforms. Meanwhile March Madness betting roared on: there are no perfect men’s brackets left after a record 43‑0 run, while 166 perfect women’s brackets remain. (nbcnews.com) (espn.com)
The bill was filed on March 23, 2026 and is co‑sponsored by Sen. Adam Schiff (D‑Calif.) and Sen. John Curtis (R‑Utah); it would bar Commodity Futures Trading Commission‑regulated exchanges from listing contracts tied to sporting events and casino‑style games. (forbes.com) Kalshi’s business has become overwhelmingly sports‑centric—independent trackers and platform filings put roughly 90% of its trading volume in sports markets, and Kalshi reported more than $1 billion in Super Bowl trading volume. (actionnetwork.com) States have escalated enforcement: several state attorneys general and regulators have sued or sought bans, Arizona recently filed criminal charges related to prediction‑market sports contracts, and Nevada has pursued restrictions on the platforms. (stateline.org) The White House previously filed briefs supportive of the platforms’ federal regulatory argument, and analysts warned that a federal ban could shift tens of billions in handle back into state‑licensed sportsbooks and affect state tax receipts. (pbs.org) Market reaction included short‑term gains in some sports‑betting stocks and a flurry of industry commentary framing the legislation as the first bipartisan Congressional effort to directly curtail the prediction‑market sector’s sports business. (msn.com) On the brackets front, ESPN identified two users—“Mini‑me‑2448” and “christienter”—who reached 40‑0 and then split on later picks, with one user’s run extending to a 43‑0 ESPN Tournament Challenge record before the final flawless men’s entry was eliminated; ESPN’s men’s contest tracked roughly 26.5 million entries. (espn.com) ESPN reported 166 perfect brackets remained in its women’s Tournament Challenge after three days of games, and the women’s benchmark to beat remains last season’s 57‑0 ESPN record; ESPN is offering a “Second Chance” entry option beginning at the Sweet 16. (espn.com)
