A proposal to write futures contracts on National Football League games was withdrawn by ErisX, its creator, as the federal Commodity Futures Trading Commission reportedly was preparing to reject the plan.
The commission had decided to reject the plan on grounds that it promotes gambling and “is contrary to the public interest,” according to an unnamed insider cited by the Wall Street Journal.
Futures contracts are used to speculate on the rise and fall of future prices or to defend against the risk of future prices shifting against a buyer or seller.
ErisX, a cryptocurrency exchange, said its NFL futures would help sports books and other sports-related businesses to hedge risk.
ErisX will revise and strengthen its proposal after it consults with sports-related businesses and sports leagues, CEO Thomas Chippas said in a WSJ interview.
“Some additional time to engage with the industry could strengthen the base of support for these contracts,” Chippas said.
In 2018, a U.S. Supreme Court decision opened the door to sports betting in states other than Nevada. Now 25 states and the District of Columbia allow wagering on games.
TRENDPOST: We note this article to illustrate the deep levels of hypocrisy and lunacy that has, and is, dictated by politicians along with a rigged court system filled with bureaucrats that are members of “The Club.”
These are the same people that destroyed the lives of millions for “illegally” gambling, be it the mobs or people playing poker or shooting dice at their “club.”
But now, as with lotto, which was previously called “playing the numbers,” when the politicians take control and can steal money in the name of “taxes,” what they once deemed a disgrace to humanity is now just a revenue stream into their pockets and their business associates that give them paybacks imbeciles call “campaign contributions.”
