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The Federal Bureau of Investigation (FBI) has issued a public service announcement as they warn of the risks of illegal gambling.
The law enforcement agency explains how the sports betting industry has become more widespread in the U.S, with 39 states and the District of Columbia legalizing some form of it.

Great odds, high risk: The FBI encourages U.S. bettors to know the risks of illegal gambling. Learn how to protect yourself by betting legally and responsibly. https://t.co/88UXiTuT2j pic.twitter.com/0jOlOHJxX6
— FBI (@FBI) December 19, 2025

They warn, however, that “illegal sportsbooks and illegal online gaming sites are still prevalent. These illegal sportsbooks and online gaming sites have significant consequences for the American public, the U.S. economy, and the integrity of sports betting in the U.S.”
The FBI says those that engage in illegal gambling risk funding organized crime activity and suggest it can make them vulnerable to violence, extortion, and fraud. The FBI enforces criminal statutes, including those involving organized crime and illegal gambling operations, but they say it’s each bettor’s individual responsibility to ensure they are wagering legally and responsibly.
FBI: One of the priorities is to investigate organized crime groups that operate illegal sportsbooks to disrupt operations
In August 2025, the American Gaming Association estimated Americans wager $673.6 billion annually with illegal and unregulated gambling operators. This is said to have been driven by a sharp rise in illegal iGaming, including the use of unregulated skill machines and illegal sports betting.
Since 2022, when the AGA last did a report on the subject, the illegal market has grown 22%. Now, illegal operators account for nearly one-third (31.9%) of the total U.S. gaming market.
“Many offshore gambling websites advertise towards U.S. consumers, obfuscating their overseas presence, and providing U.S. consumers with a false sense of comfort. These offshore sportsbooks are not held to the same legal standards as U.S. licensed sportsbooks and may lack consumer protections, increasing the risks for U.S.-based users,” the FBI writes in its notice.
In the tips the agency has provided to bettors, they ask for people to stay informed of applicable federal, state, and local laws and say people should check their state gaming agency’s website to ensure they are betting through a legal sportsbook operator.
Featured Image: FBI via X
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Coinbase is buying The Clearing Company, a startup that focuses on prediction markets, as the crypto exchange looks to broaden its lineup of regulated, onchain products tied to real-world events.
The deal comes shortly after Coinbase rolled out prediction markets to its users, letting them place trades on outcomes like elections, economic data, sports, and even cultural moments, all from the same platform they already use for crypto, derivatives, and stocks. Coinbase says the acquisition will help build on that launch and scale prediction markets as part of what it calls its vision for an “Everything Exchange.”
Coinbase acquires The Clearing Company as it joins prediction markets competition
In its press release, Coinbase said the deal is all about “powering the future of prediction markets,” pointing out how important it is to bring event-based contracts onto the same platform as more traditional financial products. The company noted that The Clearing Company brings hands-on experience building and running prediction markets, which Coinbase believes will help it grow this category within a regulated setup.

First we announced prediction markets on Coinbase.
Now we’re bringing in the specialized talent to take our plans to the next level.
Welcome to Coinbase, @theclearingco. pic.twitter.com/KfRZSp9w9j
— Coinbase (@coinbase) December 22, 2025

The Clearing Company is led by founder Toni Gemayel, who Coinbase describes as a product and growth leader with deep industry experience. According to Coinbase, Gemayel and his team will help “scale world-class prediction markets trading on Coinbase” and push forward the company’s bigger platform goals.
Prediction markets let people trade contracts based on the likelihood of future events. Coinbase said it sees a big opportunity to offer these markets to millions of users around the world, folding them directly into portfolios that already hold cash, crypto, stocks, and derivatives.

Excited to share that @theclearingco is joining @coinbase! We set out to transform how people engage with prediction makers, and now we are taking it to the next level. More soon to come https://t.co/GG7yVM8Ifz
— Nina Qi (@theninaqi) December 22, 2025

More broadly, Coinbase framed the acquisition as another step toward bringing multiple asset classes together in one place. However, the deal still needs to clear standard closing conditions and is expected to close in January. Coinbase also pointed out that listed futures and swaps are offered through Coinbase Financial Markets, which is registered with the US Commodity Futures Trading Commission, while spot accounts are held separately by Coinbase, Inc.
The company’s CEO, Brian Armstrong, may have accidentally highlighted some real concerns around prediction markets after he rattled off a list of buzzwords that were reportedly picked based on what users on prediction market platforms Kalshi and Polymarket had wagered would come up during the call.
Even if it was meant as a joke, the moment underscored just how easy it could be for individuals to influence the outcome of what was, in this case, an $84,000 betting market.
Featured image: Coinbase press release
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Senator Brian Schatz from Hawaii could be eyeing up introducing legislation that could see sports prop bets being heavily regulated in the United States.
The journalist Pablo Torre, of Pablo Torre Finds Out, took to X to share that he has gotten word from the senator that federal legislation may be proposed in 2026 to regulate sports prop betting.
Torre continued to say he has been told that the senator is talking with leagues and player associations, and sportsbooks, about federal legislation that will heavily regulate prop bets. He carries on to say: “I’m also told that Senator Schatz is aiming to ensure that illegal offshore sportsbooks are also captured in this federal legislation.”

Breaking: @PabloTorre has gotten word from Senator Brian Schatz that federal legislation may be proposed in 2026 to regulate sports prop betting in the United States pic.twitter.com/RMRU3e5eeo
— Pablo Torre Finds Out (@pablofindsout) December 22, 2025

This comes at a time when sports betting in the United States is booming, following a federal law being struck down by the Supreme Court in 2018 which would see sports betting to be legalized.
Prop bets in sports have caused controversy in recent times
While many have since adapted to this change-up and have brought in sports operators, the ruling didn’t legalize the industry across the U.S. but gave each state the right to decide for itself. Since then, there have been varying levels of adoption and the rise in the industry has led to player prop and microbetting becoming a new phenomenon.
Prop bets are when a customer places a bet on certain events within a game, rather than focusing on the final outcome. This type of gambling has been a controversial one, with many trying to curb its rise.
In November, the NFL sent a memo to team officials to say: “Accordingly, we have actively engaged with both state lawmakers and regulators, as well as with our sports betting partners, to limit – and where possible prohibited altogether – prop bets in the NFL.”
Earlier in the year, in August, Ohio Governor Mike DeWine urged the Casino Control Commission to prohibit prop bets. He asked them to remove them from the legal list of bets that can be placed under the state’s contractual rules for operators.
In a statement from Senator Schatz to Pablo Torre, he started by explaining how sports betting has grown into a billion-dollar industry, before then saying: “We’re working on legislation to stop the kind of prop betting that gives a single bad actor the ability to manipulate a specific, singular outcome for a big payout. This is about protecting fans and restoring public trust in sports.”
ReadWrite has reached out to Senator Brian Schatz’s office for comment.
Featured Image: AI-generated via Ideogram
The post Federal legislation may be proposed in 2026 to regulate sports prop betting in the United States – report appeared first on ReadWrite.

FanDuel Predicts, the sportsbooks prediction market in partnership with the CME group, is officially launching in five states, with a phased expansion to others early next year.
The app is available in Alabama, Alaska, South Carolina, North Dakota, and South Dakota, with these states marking the start of a phased national rollout over the coming weeks.
The company says FanDuel Predicts will be available to millions of U.S. customers over the coming months, with the new mobile application available through the Apple App Store and Google Play.

Today, @FanDuel, our leading US brand, launched FanDuel Predicts in partnership with @CMEGroup, introducing a new prediction markets platform for customers to engage with the events shaping the world around them.
Launching first in AL, AK, SC, ND, and SD, with a phased rollout… pic.twitter.com/1Is9SlPFOW
— Flutter Entertainment (@FlutterEnt) December 22, 2025

The platform, which is the company’s first foray into the prediction markets space, will offer event contracts in all 50 states on benchmarks like the S&P 500 and Nasdaq-100, prices of oil and gas, gold, cryptocurrencies, and other economic indicators such as GDP and CPI.
This launch comes at a time when there’s growing interest in prediction markets from sportsbook operators, with DraftKings having just launched their markets app across 38 states.
FanDuel Predicts is launched by FanDuel and CME Group
As well as the financial markets, sports contracts will be available across baseball, basketball, football, and hockey in states where online sports betting is not yet legal, apart from on tribal lands.
When these states legalize online sports betting, the platform will stop offering sports event contracts in those states.
“We’re giving our customers a new platform to engage with the world around them – whether that’s the next Fed rate decision or a sports event,” said James Cooper, Senior Vice President, Flywheel and New Ventures at FanDuel in a media release.
“This launch in five states will provide valuable insights into customer engagement with this new platform, enabling us to refine our approach as we expand to additional states in 2026.”
While the actual date isn’t yet known, it’s reported the rollout will continue to other states through early 2026.
“CME Group prediction markets will enable a new generation of users to express their views on global benchmarks, economic indicators, sports and more,” said Lynne Fitzpatrick, President and Chief Financial Officer, CME Group.
“This launch is a pivotal step for expanding the reach of our products to FanDuel’s millions of registered users across the U.S.”
Featured Image: Via press release
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