Ohio Bill Would Regulate Prediction Markets Like Sports Betting

Prediction Markets would face state regulation in Ohio

SB 430 would redefine sports gaming to include trading event contracts that depend on the outcome of sporting events. These event contracts are what prediction markets offer on sports outcomes. A player chooses to back one side or another on the result of the event. Senator DeMora calls this a sham and nothing more than sports betting under a different name.

That would change under SB 430. As the bill reads, "sports gaming includes the use of a prediction market to acquire, sell, or trade an event contract that is contingent on the outcome of a sporting event."

If SB 430 is passed into law, prediction markets would be viewed no differently than online sports betting sites operating in Ohio. They would fall under the regulatory rule of the Ohio Casino Control Commission (OCCC). They would be required to follow the same consumer protection requirements, minimum age restrictions, and advertising standards as sports betting sites. Along with paying the 20% tax rate on revenue earned, prediction markets would also need to fork over $1.5 millon to acquire a state license. They would need to partner with an Ohio land-based casino or a professional sports franchise to operate in the state.

Prediction market sites are currently regulated by the Federal Commodities Trading Commission (FCTC). They insist that this supersedes any attempt by a state to regulate them.

There are different regulatory rules for prediction markets

In Ohio, Kalshi offers sports event contracts to players aged 18 and older. Ohio sports betting regulations set the minimum age to place a wager at 21.

Kalshi's voluntary exclusion program and advertising don’t meet the state requirements imposed on Ohio sports betting sites and casinos.

Ohio has issued a $5 million fine to Kalshi

The state is already in a court fight with prominent prediction market site Kalshi. In October 2025, the OCCC sent a cease-and-desist order to Kalshi. The order was demanding that the prediction market site halt the offering of all sports event contracts in Ohio. Lawyers for Kaslhi countered by filing suit against the OCCC and Ohio Attorney General Dave Yost in the U.S. District Court for the Southern District of Ohio.

Last month, the court denied a request from Kalshi for a preliminary injunction to halt the OCCC from regulating it as a sports betting site. While continuing to offer sports event contracts to Ohio players, Kalshi has appealed the injunction ruling to the U.S. Sixth Circuit Court of Appeals.

On April 14, the OCCC issued a $5 million fine against Kalshi for operating an unlicensed sportsbook.

“Kalshi’s refusal to stop offering sports gaming in Ohio necessitated the Commission to take action to uphold the requirements of Ohio law,” the OCCC stated in a release. OCCC Executive Director Dave Schuler sent a letter to Kaslhi. The letter indicated that they had 30 days to request a hearing about the proposed fine.

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