Sen. Ted Cruz, R-Texas, speaks Wednesday at a Senate subcommittee hearing focused on the recent surge in popularity of sports betting and betting by minor. Photo by Erika Tulfo/Medill News Service
WASHINGTON, May 20 (UPI) -- As sports betting and prediction market platforms like Kalshi and Polymarket grow in popularity, U.S. senators on Wednesday weighed the need to regulate use of the platforms by minors.
One main issue senators raised during a hearing by the Senate Commerce Subcommittee on Consumer Protection, Technology and Data Privacy was how prediction markets use social media to advertise their platforms to underage users, putting them at risk of a gambling addiction.
"Young people are being inundated with advertisements on social media. Their favorite influencers and sports figures are introducing minors to betting," said Sen. Marsha Blackburn, R-Tenn., who chaired the hearing.
"This is not safe. It needs to stop, and advertising to minors is disgusting," Blackburn said.
