Prediction markets, which allow people to put money on everything from elections to sporting events, have grown into a multibillion dollar industry. Their rapid expansion has triggered a wave of lawsuits over one fundamental question: who gets to regulate them, states or the federal government?

States argue many of the contracts offered on prediction market platforms are simply another form of gambling and fall under state gaming laws. Prediction market companies contend that their contracts are financial products that should be regulated under federal commodities law.

In this video, we explain how prediction markets work, why states and the Commodity Futures Trading Commission disagree over who has authority to regulate them, how courts have responded to the growing number of lawsuits, and why the answers could reshape the future of sports betting, event contracts, and prediction markets in the US.

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The UK is hosting the Farnborough International Air Show, a key gathering of leaders in the aerospace industry. Wes Streeting, the new UK Defence Secretary, has set aside billions for space capabilities. But how well prepared are the UK and its allies to operate in the warfighting domain of the future? Robert Lightfoot, President of Lockheed Martin Space, joins Caroline Hepker and James Woolcock on Bloomberg Radio to discuss.
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On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the latest from the Middle East. On today’s show, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino, Rising Communications President Leslie Shedd, Republican Congressman Byron Donalds of Florida and former Deputy Assistant Secretary of Defense Dana Stroul.

Chapters:
00:00:00 – Balance of Power Begins
00:02:32 – Business Flash
00:04:56 – Bloomberg’s Tyler Kendall on US Striking More Iranian Targets
00:09:47 – Rising Communications’ Leslie Shedd and Harvard University’s Jeanne Sheehan Zaino
00:19:32 – Business Flash
00:22:11 – Rep. Byron Donalds, (R) Florida
00:32:45 – Leslie Shedd and Jeanne Sheehan Zaino on Florida Gubernatorial Race
00:36:08 – Business Flash
00:39:18 – Bloomberg’s Norah Mulinda on Oil Prices
00:42:45 – Dana Stroul, The Washington Institute Research Director
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More on Bloomberg Television and Markets

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President Donald Trump said he would move to ban institutional investors from buying single-family homes as part of a push to address housing affordability. “People live in homes, not corporations,” Trump said in his post bloom.bg/4svcP6X

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Listen to Bloomberg This Weekend for unique conversations spanning news, politics, lifestyle and culture.

David Gura, Christina Ruffini and Lisa Mateo bring you unique discussions and in-depth conversations with lawmakers, business leaders and cultural icons.
Bloomberg This Weekend gives you insight to make sense of the world.

Stories on today’s show includes:
– US, Iran Trade More Attacks After Two Troops Killed in Jordan
– Burnham Says He’ll Be a Pro-Business PM in London Speech
– SpaceX Set to Wipe Out $1 Trillion in Value as Shares Slide
– Spain, Argentina Face Off in World Cup Final

Today’s show includes conversations with:
– Former US Defense Secretary Mark Esper
– US Representative Marlin Stutzman, Republican from Indiana
– Former US Ambassador Rahm Emanuel
– US Senator Jeanne Shaheen

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