Despite South Carolina's ban on sports betting, residents can legally wager on the Super Bowl through federally regulated prediction markets. These markets offer event contracts on sports, politics, and entertainment.
Even though South Carolina has rejected legislation on casino gambling and sports betting, residents can still legally wager on the Super Bowl and other events via prediction markets. These markets are federally regulated and available in all 50 states. Platforms include Kalshi, Polymarket, PrizePicks, PredictIt, Robinhood, and Crypto.com. FanDuel and DraftKings have also launched prediction market platforms in states without legalized sports betting.
Trump Media and Technology Group plans to launch Truth Predict, a prediction market in partnership with Crypto.com and Truth Social. Donald Trump Jr. is involved with both Truth Social and serves as an advisor to Kalshi and Polymarket.
Prediction markets are expected to handle hundreds of millions of dollars in sports-related futures contracts, potentially reaching $1 billion for the Super Bowl. This increasing presence could reduce the amount wagered through traditional sportsbooks and cut into illegal betting.
Prediction markets offer contracts on real-world events, with prices reflecting the collective probability of outcomes. Unlike traditional sports betting, where the house sets the odds, prediction markets involve peer-to-peer trading of 'shares' in outcomes, with the prediction market company taking a fee.
Key takeaways:
- South Carolina residents can legally bet on the Super Bowl via prediction markets.
- Prediction markets are federally regulated and available nationwide.
- These markets offer contracts on various events, not just sports.
- Prediction markets involve peer-to-peer trading, differing from traditional sportsbooks.