Academy Awards<\/a>, Grammys and Emmys are not gaming.<\/p>\n\n\t\u201cThe outcome of these contests depends on electors\u2019 judgment on who should receive an award based on a range of considerations beyond the participants\u2019 luck, skill, or athletic ability displayed during the contest,\u201d the CFTC writes. \u201cBecause the award turns on evaluative judgments, not on measurable occurrences dependent on the participants\u2019 skill or athletic ability in the activity itself, it is a contest, not gaming.\u201d<\/p>\n
\n\tBetting on the outcome of political elections, similarly, are not considered gaming.<\/p>\n
\n\tThe CFTC also goes into great detail to clarify that sports bets (at least most sports bets) are allowed under its definition of gaming, but it does not do so for TV competitions that are not athletic events. So it is asking for the public for help.<\/p>\n
\n\t\u201cThe Commission requests comment on its proposed definition of gaming. Commenters are invited to address whether the Commission should\u00a0provide\u00a0its views regarding whether other activities\u00a0constitute\u00a0\u2018gaming,’\u201d the CFTC writes. <\/p>\n
\n\t\u201cFor example, should game shows, reality show competitions,\u00a0pageants\u00a0and similar events\u00a0be considered to be\u00a0\u2018gaming\u2019?\u201d it continues. \u201cThe Commission notes that game shows are typically subject to varying standards intended to promote impartiality and fair competition. Other competitions may allow departure from such standards to enhance their entertainment value. Music and talent competitions often have similarities to elections. How, if at all, should the Commission consider these characteristics in the context of event contracts involving these activities?\u201d<\/p>\n
\n\tOf course, prediction market bets go far beyond just betting on reality competition show winners (like those on Love Island). There are markets on which songs will lead the Billboard charts, who will headline the Super Bowl halftime show, when Taylor Swift (or other artists) will release a new song or album, and whether characters on certain TV shows will say certain words in a given episode.<\/p>\n
\n\tThe CFTC seems acutely aware of the risk of insiders betting on events they know the outcome of, writing that some contracts \u201cmay create unique incentives for information leakage or misuse of material nonpublic information\u2014for example, by encouraging individuals with privileged access to disclose or act upon such information, by incentivizing the unlawful acquisition of additional sensitive information, or by enabling third parties to pressure, solicit, or bribe such individuals to obtain it.\u201d<\/p>\n
\n\t\u201cThese incentives may present significant public interest concerns for event contracts involving Enumerated Activities, particularly where the information is\u00a0highly sensitive\u00a0and closely guarded, and meaningful insight into the underlying event is concentrated among a small number of individuals,\u201d it continues, noting national security as probably the most significant example. Indeed, the outcome of an entertainment contract seems like small potatoes by comparison.<\/p>\n
\n\tBut for Hollywood, it still matters, and these rules could make a meaningful difference, though the comments from the CFTC certainly suggest that it could allow some entertainment bets, even if it disallows others.<\/p>\n
\n\tAnd in fact, the CFTC suggests that entertainment companies could even use the price discovery from sports bets for its own purposes.<\/p>\n
\n\t\u201cFor example, aggregated prices on sports outcomes can inform downstream decisions by sponsors, broadcasters, advertisers, or local businesses,\u201d the CFTC writes.<\/p>\n
\n\t\u201cThe CFTC will protect the integrity of our regulated markets without standing in the way of responsible innovation,\u201d said CFTC chairman Michael S. Selig in a statement. \u201cThis proposal gives the Commission a durable, transparent framework to identify the contracts Congress directed us to scrutinize while letting legitimate markets move forward.\u201d\u00a0 \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"In a significant move sure to attract the attention of Hollywood executives, the regulatory agency that oversees prediction…\n","protected":false},"author":2,"featured_media":696639,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[47403,88,604,92],"class_list":["post-696638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tv","tag-academy-awards","tag-entertainment","tag-reality-tv","tag-tv"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/696638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=696638"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/696638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/696639"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=696638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=696638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=696638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}