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When Australia hosts its first-ever regular season NFL game, an estimated 10,000 US fans are expected to attend the matchup at the Melbourne Cricket Ground following an exhausting trip that features one of the world’s longest flight paths.
The historic showdown between the Los Angeles Rams and the San Francisco 49ers will take place at a venue located 7,971 miles from Levi’s Stadium, home of the last meeting between the NFC West rivals. Both teams are based in California, a fertile ground for prediction markets given a sports betting ban in a state with more than 39 million residents. But the Americans in attendance for Thursday night’s matchup (Friday in Melbourne) will not be able to live-trade from their seats.
That is because trading on prediction markets is illegal down under, according to the Australian Securities and Investment Commission, the nation’s regulator on financial services. Last month, in perhaps the ASIC’s strongest warnings yet against the asset class, the commission reiterated that prediction markets are not licensed as financial markets to operate in Australia. Through the guidance, the regulator urged consumers to exercise caution before partaking in certain investments on offshore platforms which have not obtained licensing nationwide.
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A yes for jobs, a yes for economic opportunity, a yes to support our community,” the narrator says during the commercial. “A new casino would have a positive impact on our county, and we have the power to make sure it lands here, where our community can benefit.”
There’s also opposition to a casino in Allen County. Last year, a group of anonymous business owners, residents, and faith leaders assembled to launch Save Fort Wayne. The political action group says a casino “creates a net loss” by increasing addiction and crime.
The group’s website features an interactive slot machine where the spin always lands on an alleged negative consequence such as “addiction,” “bankruptcies,” “divorces,” “mental health issues,” “fatal accidents,” “child neglect,” “human trafficking,” and “poverty.”
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The move came shortly after the Senate declined to advance the Digital Asset Market CLARITY Act. The procedural vote on September 15 rejected it with 49-50, not meeting the 60 votes required to move forward.
The CFTC’s move gives the agency a chance to pursue parts of a crypto market framework under its existing authority, rather than waiting for Congress to resolve the broader legislative debate.
CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said.