Prediction market 'gambling' needs state regulation, not feds, Mick Mulvaney says after Iran war bets

Prediction market 'gambling' needs state regulation, not feds, Mick Mulvaney says after Iran war bets

Mick Mulvaney also said prediction markets, by offering contracts on events such as wars, could represent a security risk for the U.S.

Prediction market gambling needs state regulation, Mulvaney says

Buying contracts on prediction markets is just another word for “gambling,” says former Trump White House Chief of Staff Mick Mulvaney, who is leading a coalition that wants state authorities, not a federal commodities agency, to regulate that growing industry. “The simple answer is that it’s gambling. It just is,” Mulvaney told CNBC’s Contessa Brewer, saying the burgeoning industry needs extra scrutiny following betting activity ahead of the Ir…