Sharma Featured on "The Crisis Files" Podcast to Discuss Prediction Markets

05.28.2026

Stinson LLP Partner Aalok Sharma was featured on "The Crisis Files" podcast, where he discussed the evolving legal and regulatory landscape surrounding prediction markets and their distinction from traditional sports betting.

In the episode, "Prediction Market Mayhem," Sharma joined host Roshini Rajkumar to examine how prediction markets are structured as binary contracts that differ from sports wagering models, which typically involve bets against a sportsbook. He explained that prediction markets instead operate through contract-based positions that resolve based on outcomes, with pricing mechanisms tied to contract value. Sharma also noted that operators in this space argue they fall outside traditional state sports betting frameworks by characterizing their products as financial-style event contracts rather than wagers.

Sharma further discussed the broader regulatory implications of this distinction, including ongoing legal disputes over whether prediction markets fall under state gambling authority. He highlighted that courts have reached mixed outcomes to date, and that unresolved jurisdictional questions that may ultimately require Supreme Court review. He also addressed state-level policy developments in response to the rapid growth of gambling-related products, including evolving age restrictions, deposit limitations, and other consumer protection measures, as states balance revenue opportunities with concerns around responsible gambling.

Sharma has extensive experience in litigation and regulatory matters, serving clients ranging from individuals and small businesses to Fortune 500 companies across diverse industries, including gaming, sports, hospitality, construction, finance, health care, retail and manufacturing.

Visit "The Crisis Files" to listen to the full episode.