Buckle Up DraftKings, Flutter: CFTC Chairman Selig Has Good News For Prediction Markets - DraftKings (NASDAQ:DKNG)

CFTC Chairman Michael Selig went on CNBC’s Squawk Box Thursday morning and said what the sportsbook industry has been dreading: the definition of a commodity under the Commodity Exchange Act is “very broad.” Selig elaborated that it includes “virtually any underlying that you might trade a derivative on” and that the CFTC does not “discriminate between sports and politics and corn.”The statement is the clearest signal yet that the CFTC views sports event contracts as federally regulated swaps, not state-reg ...