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NBA President Says Alliance Hopes to Obtain Predictive Market Data to Detect Manipulation
CNBC
50m ago
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NBA President Adam Shaohua told CNBC on Friday that the league hopes to obtain predictive market data in order to regulate and identify issues such as insider trading. He stated that whether it is predictive markets or sports betting, the primary concern for the league is the integrity of the events, and he also expressed a desire to have control over these related markets.
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President Adam Xiao Hua of NBA stated to CNBC on Friday that NBA hopes to obtain predictive market data in order to carry out supervision and detect insider trading activities.

In an interview with Contessa Brewer, the host of Squawk Box on CNBC, Xiao Hua stated: "Whether it is called a prediction market or sports betting, it is the same issue for our league, and I believe it is the same for all leagues. First and foremost, it is a matter of the integrity of the events. We hope to obtain this data. We also wish to have control over this market."

Xiao Hua stated that, for example, setting up contracts based on whether a certain coach will be fired is considered 'strange behavior.'

One day before the release of his remarks, NFL submitted an amicus curiae brief to the United States Supreme Court on Thursday, supporting the regulatory authorities of New Jersey and arguing that sports contracts in the market should be classified as gambling rather than financial swaps. The latter are regulated at the federal level by the Commodity Futures Trading Commission (CFTC) of the United States ( CFTC ).

The opinion also mentions concerns regarding possible market manipulation in contracts related to players' injuries or performance.

NFL has always advocated that the minimum age for traders should be 21 years old, which is also the threshold set by several states for sports betting platforms. Xiao Hua agrees with this age limit, but he supports more federal regulation of predictive market platforms.

He said, "To be frank, at least from the perspective of NBA, there are currently about 40 different jurisdictions regulating us. Therefore, if a consistent policy could be implemented nationwide, I believe that would be in our best interest."

With the NFL season kicking off a month ago, the trading volume of contracts in the NFL prediction market has seen a significant increase recently. The NFL action is also taking place against this backdrop. At the same time, several courts have previously ruled that it should be the states, rather than CFTC, that are responsible for supervising the prediction market exchanges.

Last week, the prediction market secured a favorable ruling in Illinois that prevented the state from enforcing its gambling laws against the contracts related to the Kalshi and Coinbase events. Luana Lopes Lara, co-founder of Kalshi, described this ruling as “beautiful” on social media.

Disclosure:Kalshi has a business relationship with CNBC, which includes a small amount of equity investment and cooperation in customer acquisition.

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