2026-09-23 · contested story
speaking in new hampshire former nj gov christie calls for crackdown on prediction markets
Former New Jersey Governor Chris Christie, speaking in New Hampshire at the Granite State Summit on Responsible Gaming, drew attention for two intertwined stories: his openness to a third presidential run in 2028 and his role as a critic of the fast-growing prediction market industry. Christie serves as an adviser to the American Gaming Association, which opposes prediction markets, and his appearance came amid a nationwide legal war over whether platforms like Kalshi and Polymarket are legitimate federally-regulated financial exchanges or illegal, unlicensed gambling operations. The controversy is amplified by Kalshi's simultaneous push to allow margin trading (buying with borrowed funds) and by President Trump's family ties to the industry, with his eldest son Donald Trump Jr. an investor and adviser to both Kalshi and Polymarket.
How each side frames it
left
"Debt, depression and suicide rates among young men is a very small price to pay for our God-Given Right to wager on who will get engaged in the current season of Love Is Blind."
"To many, prediction markets are legalized, freewheeling virtual gambling at best and perfect fronts for insider trading at worst."
"It's a classic regulatory capture when you look at the timeline, and how the CFTC has approached sporting event contracts for 15 years, and it all changed on a dime"
"The most corrupt President in our nation's history wants to make sure states like ours can't regulate prediction markets so his family and administration can keep profiting."
"gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution."
center
"At issue is whether prediction markets, which have exploded in popularity in recent years, should be treated as a form of gambling or as federally regulated financial markets."
"Kalshi has argued that it is not a betting platform, rather a financial exchange and therefore is regulated by the federal agency Commodity Futures Trading Commission."
"Kalshi is seeking approval from federal regulators to allow some traders to use leverage on its prediction markets."
"Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment."
"Now we do have two United States Courts of Appeals saying different things, which, again, is kind of the traditional point at which the Supreme Court will consider taking the case"
right
"Anti-Trump Republican Reportedly Considering White House Run"
"He needs to run. Not for President. He just needs to run,"
"Many people on social media scoffed at the idea of Christie seeking the White House again."
"Chris Christie floats the idea of a 2028 presidential run"
What each side left out
The right left out — covered by the ABC 9 WMUR & CNBC & Star Tribune
- Christie's specific call for a crackdown on prediction markets
- Kalshi's margin-trading filing with the CFTC
- Trump family financial ties to Kalshi and Polymarket
The left left out — covered by the Wired & The New Republic
- Kalshi's argument that on its platform there is no house and users trade against each other for fair pricing
- The claimed societal benefit of prediction markets as forecasting tools and a check on news media
The center left out — covered by the Common Dreams & The New Republic
- The framing of prediction markets as 'setting the stage for another financial crisis'
- Explicit emphasis on debt, depression and suicide among young men
The right left out — covered by the CNN & Scripps News & The Damage Report
- The 44-state bipartisan coalition arguing platforms are gambling
- The Ninth Circuit ruling allowing states to regulate prediction markets
The left left out — covered by the New Jersey Globe & oann.com & vinnews.com
- Christie's role and quotes at the Responsible Gaming summit and his 2028 deliberations in detail
What's actually true?
[verified] A bipartisan coalition of 44 states has argued that prediction market platforms are in fact gambling and should be subject to state gaming laws and taxes.
[verified] The Ninth Circuit Court of Appeals ruled 3-0 that states can regulate prediction markets as gambling, with the panel consisting of three Trump-appointed judges.
[verified] Donald Trump Jr. is an adviser to Kalshi and an investor in Polymarket through the venture capital firm 1789 Capital.
[verified] Kalshi filed with the CFTC on Tuesday seeking approval to offer margin (leverage) trading on its event contracts, but would exclude sports, culture and 'mention' markets.
[verified] New York Attorney General Letitia James sued Kalshi calling it an 'illegal, unlicensed gambling operation' and seeking forfeiture of profits.
[verified] Christie acknowledged he is considering a third presidential run, speaking at the Granite State Summit on Responsible Gaming, but wants to see midterm results first.
[verified] Sports wagers constitute an estimated 90% of trading volume at Kalshi.
[verified] Trump publicly attacked state officials, calling Chris Christie, Letitia James, Tim Walz and JB Pritzker 'SCUM' in a Truth Social post defending prediction markets.
The narrative clash
Whether prediction market sports contracts are gambling or federally regulated swaps
Left: This is illegal gambling ... unregulated, untaxed, unsupervised
Right: Kalshi is an open, nationwide financial exchange. It cannot be regulated by 50 different regulators. Both the Third Circuit and the District of New Jersey sided with Kalshi because the CFTC's exclusive jurisdiction preempts state law.
Whether the CFTC is a legitimate regulator or a captured one
Left: It's a classic regulatory capture when you look at the timeline, and how the CFTC has approached sporting event contracts for 15 years, and it all changed on a dime
Right: The CFTC will continue to safeguard its exclusive regulatory authority over these markets and defend market participants against overzealous state regulators
22 sources analyzed
ABC 9 WMUR Al Jazeera u-s-news.com Star Tribune Politico The Damage Report NPR The New Republic CNBC New Jersey Globe CNN vinnews.com Common Dreams Arizona's Family ESPN.com Wired Yahoo Finance La Opinion oann.com Washington Examiner Scripps News 100percentfedup.com