Chris Christie Backs NFL's Ad Ban on Prediction Markets

Chris Christie is acutely aware of the power of Super Bowl advertising. Last year, Super Bowl LIX captured the attention of 137.7 million viewers in America, setting a record for the most-watched US television event. In line with recent years, the NFL has set a cap on legal sportsbook commercials during this year’s game, with an average advertisement running at $8 million per 30 seconds on NBC. Notably absent from advertising will be prediction market company, Kalshi, due in part to the NFL’s ban on such advertisements.

Christie’s Role in Sports Betting Regulation

Former New Jersey governor Chris Christie, instrumental in bringing the Super Bowl to MetLife Stadium in 2014, is now a strategic advisor to the American Gaming Association. In this role, he has become a key figure opposing prediction market sites in regulation debates concerning sports event contracts. Christie praised the NFL’s stance, stating, “The NFL is standing up for the regulated markets across this country that are protecting their fans. They are saying the integrity of our sport and the protection of our fans trumps any type of money that we can make from these commercials.” The ongoing battle over prediction markets comes amid its rapid growth, with some forecasts suggesting the sector could reach a trading volume of $1 trillion by the late 2020s.

Future Legal Challenges and States' Rights

Despite the growing interest in prediction markets, the NFL has yet to form partnerships with operators in this space. At a December event with Genius Sports, NFL Commissioner Roger Goodell noted that the league would monitor regulatory developments before formalizing any partnerships. Last month, the NFL submitted concerns regarding prediction markets’ regulatory coverage to the US House Committee on Agriculture.

This year’s Super Bowl will allow traditional sportsbooks like DraftKings and FanDuel to advertise, though they must steer clear of mentioning prediction markets. Christie lauded these restrictions as 'smart,' supporting NFL's decision to maintain advertising limits. Discussions extend beyond the sports community, touching on state versus federal oversight issues, with figures like New York Attorney General Letitia James labeling prediction markets as 'unregulated gambling.' Christie advocates for states to assert their jurisdiction, citing past successes like the PASPA case which championed states’ rights to legalize sports betting. A potential battle over prediction market regulation may eventually reach the Supreme Court, with Christie expressing confidence in state-led governance, hoping history will repeat itself in their favor.

Source: Christie lauds Super Bowl ad ban, prediction markets. iGaming Business.