Former New Jersey Governor Chris Christie was the keynote speaker at the recent Granite State Summit on Responsible Gaming, where he urged New Hampshire lawmakers to take legal action against prediction markets. Since becoming a strategic advisor for the American Gaming Association (AGA), Christie has staunchly opposed sports contracts that are offered on CFTC-regulated exchanges, categorizing them as unlawful sports betting.
According to a local news report by WMUR-9 TV in Manchester, Christie told summit attendees that prediction market sports contracts have “gotten away from us.” The former NJ governor who initially paved the way for online casino gaming in that state, also told New Hampshire decision-makers to put a halt to prediction exchanges.
“Stop them from operating in your state,” Christie said. “Send them a cease-and-desist letter, and if they don’t cease and desist, then sue them in New Hampshire. Go right at them, because they’re sticking it to your state from a public health perspective, from a revenue perspective.”
The precise percentage that sports contracts occupy in terms of total trading volume is disputed (due to the designation of “combo trades” as a separate category). However, recent lawsuits filed by states have cited that sports contracts make up 70% to 80% of all trading activity on prediction markets.
That percentage feeds into a landing page, sponsored by the AGA, that claims states have lost close to $1.5 billion in licensed sports betting tax revenue due to the existence of sports contracts on prediction exchanges. Most states and tribes support initiatives that remove prediction market sports contracts from the CFTC’s regulatory remit, but the federal agency has remained consistent in its belief that it enjoys “exclusive jurisdiction” over prediction markets, including those that involve sports outcomes.
Multiple prediction market cases are still making their way through state and federal courts, with a Supreme Court showdown on sports contracts unlikely before midway through next year. Some legal experts opine that the 2028 calendar year is a more likely timeline, as the nation’s highest court awaits lower courts’ decisions.
It is probable that former New Jersey Governor Chris Christie will continue to place political pressure on prediction markets through his position with the AGA. Whether New Hampshire lawmakers will issue cease-and-desist letters to prediction market platforms is not as certain, though.
By initiating legal actions against platforms like Kalshi and Polymarket, the state could risk having those cases moved to federal court at the exchanges’ request. Such a move would, in theory, favor prediction markets because they would be less likely to face state-based judicial rulings that are more likely to favor the stance taken by the local jurisdiction.
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