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Why horse racing — and the Preakness Stakes — is not allowed on prediction markets

Nypost · · 675 words · By Sean Treppedi
Prediction Markets vs. Parimutuel Betting Industry Control Regulatory Conflict
open_in_new Read the original article: https://nypost.com/2026/05/14/betting/why-the-preakness-stakes-is-not-allowed-on…

psychologyDetected Techniques

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Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

12 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

check_circle Corroborated 3
info Single Source 3
help Insufficient Evidence 3
schedule Pending 2
verified Verified By Reference 1
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“one thing you won’t find listed at prediction markets Kalshi or Polymarket is horse racing”
CORROBORATED
Multiple sources discuss the absence of horse racing on these platforms, specifically noting that they are 'sitting out' or that you 'won't see the Derby' on Kalshi and Polymarket due to legal risks.
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web search NEUTRAL — Show more markets. Polymarket. The World's Largest Prediction Market™.Polymarket operates globally through separate legal entities. Polymarket US is operated by QCX LLC d/b/a Polymarket US, a CFTC-reg…
https://polymarket.com/
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web search NEUTRAL — Prediction markets like Kalshi and Polymarket work differently from traditional sportsbooks. Users enter into contracts at specific odds, and prices move with new information and liquidity.
https://www.ingame.com/kalshi-vs-polymarket/
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web search NEUTRAL — Mention markets are the high-octane, fast-twitch speed competitions of the prediction market world. But they’re just one corner of it. Users of Kalshi and its primary rival, Polymarket, can bet on eve…
https://www.bloomberg.com/features/2026-prediction-markets-p…
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“Last year’s Preakness Stakes generated over $110 million in wagers on the 14-race card.”
SINGLE SOURCE
While evidence mentions 14-race cards and the Preakness Stakes, no source provided specifically confirms the $110 million figure for the previous year's total wagers.
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web search NEUTRAL — The Preakness Stakes is a Grade I race run over a distance of.In February 2017, the Maryland Stadium Authority released the first phase of a study saying that Pimlico needed $250 million in renovation…
https://en.wikipedia.org/wiki/Preakness_Stakes
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web search NEUTRAL — Friday’s 14-race card will be anchored as usual by the 102nd running of the 1 1/8-mile Black-Eyed Susan Stakes for 3-year-old fillies, and the Preakness obviously is the marquee race on Saturday’s fan…
https://www.americasbestracing.net/lifestyle/2026-beginners-…
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web search NEUTRAL — Here are the Preakness Stakes winners over the years, with the winning horse and the winning time in parentheses.The purse for the 149th running of the Preakness Stakes sits at $2 million. That number…
https://ca.sports.yahoo.com/news/preakness-stakes-2024-live-…
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“The day’s handle marked the second-highest total in Preakness history, climbing 11.3 percent from the $98.9 million wagered on the 2024 race card.”
INSUFFICIENT EVIDENCE
The claim states the handle climbed 11.3% from $98.9 million in 2024. However, the evidence explicitly states that the $98.9 million wagered was 'down less than 3% from the $101.7 million bet in 2023', directly contradicting the claim of an increase from a 2024 baseline.
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web search NEUTRAL — The Preakness Stakes is an American thoroughbred horse race held annually on the third Saturday in May at Pimlico Race Course in Baltimore, Maryland (except in 2026 when it will move to Laurel Park du…
https://en.wikipedia.org/wiki/Preakness_Stakes
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web search NEUTRAL — The $98.9 million wagered was down less than 3% from the $101.7 million bet in 2023. Both cards featured 14 races, but this year’s had just 107 starters, down from the 118 that raced last year.
https://www.betmaryland.com/news/preakness-stakes-handle-ris…
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web search NEUTRAL — Jody Demling, who has called 11 Preakness winners, reveals his 2026 Preakness Stakes picks with Golden Tempo not running.
https://www.cbssports.com/general/news/2026-preakness-stakes…
verified
“the Interstate Horseracing Act of 1978 mandates any off-track wagering entities to secure approvals from racetracks and state regulators to accept bets”
VERIFIED BY REFERENCE
The text of the Interstate Horseracing Act of 1978 (Public Law 95-515) confirms that an interstate off-track wager may be accepted only if consent is obtained from the host racing association.
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web search NEUTRAL — cited as the "Interstate Horseracing Act of 1978". Findings and policy.(6) "off-track State" means the State in which an interstate off-. track wager is accepted
https://www.congress.gov/95/statute/STATUTE-92/STATUTE-92-Pg…
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web search NEUTRAL — The court ruled that requiring TwinSpires to obtain a Michigan license to accept wagers from Michigan residents violated the IHA’s preemption of state regulations governing interstate off-track wageri…
https://www.zwillgen.com/gaming/no-more-horsin-around-michig…
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web search NEUTRAL — (6) "off-track State" means the State in which an interstate offtrack wager is accepted5. (a) An interstate off-track wager may be accepted by an 15 USC 3004. off-track betting system only if consent …
https://www.govtrack.us/congress/bills/95/s1185/text
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“Last month, the National Thoroughbred Racing Association sent a letter to the Commodity Futures Trading Commission to remind them of the Interstate Horse Racing Act”
SINGLE SOURCE
Multiple sources confirm that NTRA CEO Tom Rooney sent a letter to the CFTC chairman regarding the Interstate Horseracing Act and the legality of horse racing contracts on prediction markets.
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web search NEUTRAL — NTRA CEO Tom Rooney sent a letter to the CFTC arguing horse racing event contracts fall under the Interstate Horseracing Act of 1978, not the CFTC's jurisdiction. The Derby is weeks away.
https://hellorookie.com/the-ntra-says-prediction-markets-can…
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web search NEUTRAL — The National Thoroughbred Racing Association (NTRA) is claiming that the top prediction market apps will not be able to legally trade the Kentucky Derby.The NTRA contends that the IHA overrides the Co…
https://predictionpro.com/news/ntra-vs-cftc-legal-battle-ken…
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web search NEUTRAL — Tom Rooney, president and CEO of the National Thoroughbred Racing Association (NTRA), sent a letter to the chairman of the Commodity Futures Trading Commission (CFTC) on April 2 saying as much.
https://finance.yahoo.com/economy/policy/articles/horse-raci…
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“Polymarket’s offshore platform briefly listed a Kentucky Derby market earlier this year before taking it down, according to ESPN.”
CORROBORATED
Two independent sources confirm that Polymarket briefly opened a Kentucky Derby market and then removed it.
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web search NEUTRAL — Polymarket is an American cryptocurrency-based prediction market which offers a platform where individuals can place bets on future outcomes, including sports matches, economic indicators, weather pat…
https://en.wikipedia.org/wiki/Polymarket
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web search NEUTRAL — Polymarket briefly tested the waters by opening a Derby market last week, but that didn’t last long. According to Churchill Downs, the platform removed it after being contacted.
https://www.gamblingnews.com/news/prediction-markets-skipped…
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web search NEUTRAL — ·CS2. Show more markets. Polymarket. The World's Largest Prediction Market™.Polymarket operates globally through separate legal entities. Polymarket US is operated by QCX LLC d/b/a Polymarket US, a CF…
https://polymarket.com/
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“Churchill Downs, the host track of the Derby, later confirmed it requested the removal and Polymarket complied.”
CORROBORATED
Sources confirm that Churchill Downs contacted Polymarket to request the removal of the market and that Polymarket complied.
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web search NEUTRAL — The Kentucky Derby appears to be a perfect match for prediction markets, which have rapidly expanded into sports over the past year. But you won’t see the Derby on platforms like Kalshi and Polymarket…
https://finance.yahoo.com/markets/options/articles/predictio…
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web search NEUTRAL — Polymarket briefly tested the waters by opening a Derby market last week, but that didn’t last long. According to Churchill Downs, the platform removed it after being contacted.“And Polymarket complie…
https://www.gamblingnews.com/news/prediction-markets-skipped…
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web search NEUTRAL — Prediction markets are blocked from the Kentucky Derby by the 1978 Interstate Horseracing Act.Given that Polymarket complied immediately when asked to remove its 2026 Derby markets rather than mount a…
https://hellorookie.com/why-kalshi-and-polymarket-are-sittin…
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“FanDuel and DraftKings... are also steering clear of horse-racing contracts.”
SINGLE SOURCE
The evidence mentions FanDuel and DraftKings' involvement in prediction markets generally, but does not explicitly confirm they are 'steering clear' of horse-racing contracts specifically in the same way as the claim suggests; it only notes FanDuel's current limited offering on CME.
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web search NEUTRAL — Horse Racing. UFL.Rival FanDuel is also set to get involved with prediction markets, having partnered with CME Group, but has not yet made a clear statement about whether it will offer sports event co…
https://sports.yahoo.com/article/draftkings-offer-sports-con…
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web search NEUTRAL — DraftKings and FanDuel exit the American Gaming Association over prediction market regulation.Prediction markets work like a financial exchange, offering contracts on future events that you can buy or…
https://www.actionnetwork.com/news/draftkings-and-fanduel-br…
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web search NEUTRAL — Those numbers put DraftKings well ahead of longtime rival FanDuel in prediction markets. FanDuel currently only offers access to contracts on CME — though it has plans to change that.
https://www.ingame.com/draftkings-ceo-prediction-markets-irr…
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“The companies still offer traditional Preakness Stakes betting through their separate horse-racing apps, FanDuel Racing and DraftKings Racing”
INSUFFICIENT EVIDENCE
No evidence was provided regarding the specific apps 'FanDuel Racing' and 'DraftKings Racing' or their offering of Preakness Stakes betting.
help
“Horse racing wagering in the U.S. operates under a parimutuel system”
INSUFFICIENT EVIDENCE
No evidence was provided in the search results to confirm the parimutuel system of U.S. horse racing wagering.
schedule
“Churchill Downs Incorporated... agreed to acquire the intellectual property rights to the Preakness Stakes and Black-Eyed Susan Stakes for $85 million from 1/ST Racing’s Maryland division on April 21.”
PENDING
schedule
“the Belmont Stakes on June 6”
PENDING
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.