We are rapidly entering a world in which there are odds on virtually everything. During the recent Super Bowl, the big prediction market platforms didn't just offer bets on the game itself, but also on more exotic facets, such as the first song that Bad Bunny would sing, even who would join Bad Bunny in the performance. And while a lot of people thinks this looks like gambling, it's actually regulated by the CFTC, an agency created in the 1970s to regulate derivatives. On this episode, we speak with new CFTC Chairman Michael Selig, who was nominated by President Trump and took his position in December. We talk to him about his philosophy, and why it is that these new bets are regulated as financial instruments, rather than gambling products. We talk about the tension that emerges when 18-year-olds can place bets on sports via prediction markets, even though in many states have laws on sports gambling, either banning it outright, or requiring participants to be at least 21. We also talk about crypto regulation, and whether perpetual futures -- which have exploded in the crypto space -- could soon be coming to traditional markets.

Read more:
Jump Trading Poised to Gain Stakes in Kalshi and Polymarket
Gambling Stocks Sag as Prediction Markets Steal Super Bowl Bets

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We are rapidly entering a world in which there are odds on virtually everything. During the recent Super Bowl, the big prediction market platforms didn't just offer bets on the game itself, but also on more exotic facets, such as the first song that Bad Bunny would sing, even who would join Bad Bunny in the performance. And while a lot of people thinks this looks like gambling, it's actually regulated by the CFTC, an agency created in the 1970s to regulate derivatives. On this episode, we speak with new CFTC Chairman Michael Selig, who was nominated by President Trump and took his position in December. We talk to him about his philosophy, and why it is that these new bets are regulated as financial instruments, rather than gambling products. We talk about the tension that emerges when 18-year-olds can place bets on sports via prediction markets, even though in many states have laws on sports gambling, either banning it outright, or requiring participants to be at least 21. We also talk about crypto regulation, and whether perpetual futures -- which have exploded in the crypto space -- could soon be coming to traditional markets.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-02-09/jump-trading-poised-to-gain-stakes-in-kalshi-and-polymarket?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Jump Trading Poised to Gain Stakes in Kalshi and Polymarket</a> <a href="https://www.bloomberg.com/news/articles/2026-02-08/gambling-stocks-sag-as-prediction-markets-steal-super-bowl-bets?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Gambling Stocks Sag as Prediction Markets Steal Super Bowl Bets</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

New CFTC Chairman Michael Selig on How to Regulate Prediction Markets

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/07a6f60e-2a51-45c1-9c59-b3ef000d1c35/transcript