Gambling: Regulation
The question
To ask the Chancellor of the Exchequer, whether his Department has asked the Financial Conduct Authority to issue perimeter guidance on event contracts.
Answered by Treasury
As set out by ministers from the Department for Culture, Media and Sport in answers to questions on this topic, in order to operate in Great Britain, any prediction market would require a licence from the Gambling Commission, the independent regulator for gambling. If approved, they would be classified as a ‘Betting Intermediary’ and subject to regulation under the Gambling Act 2005. The government will monitor the potential impacts of prediction markets and consider further action if needed.
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