MLB teams up with CFTC and Polymarket on prediction markets in first-of-its-kind tie-up

JH Kim

Summary

Major League Baseball (MLB) said it has established a cooperation framework related to prediction markets.
MLB said it signed a memorandum of understanding (MOU) with the Commodity Futures Trading Commission (CFTC) to share information aimed at strengthening consumer protection in prediction markets.
MLB also said it entered into an exclusive prediction-market partnership agreement with Polymarket, describing it as a measure to enhance the integrity and stability of pro baseball prediction markets.

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Major League Baseball (MLB) has established a cooperation framework related to prediction markets.

According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), MLB on the 19th (local time) signed a memorandum of understanding (MOU) with the Commodity Futures Trading Commission (CFTC) to share information to strengthen consumer protection in prediction markets.

It also entered into an exclusive prediction-market partnership agreement with Polymarket.

The agreement is seen as the first cooperation case between a U.S. derivatives regulator and a professional sports organization.

CFTC Commissioner Michael Selig said, "This cooperation will help protect markets and users from fraud, manipulation and other abuses," adding that it is "a measure to enhance the integrity and stability of pro baseball prediction markets."