Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions his Department has had with the Financial Conduct Authority on the regulatory treatment of prediction markets.

As set out by ministers from the Department for Culture, Media and Sport in answers to questions on this topic, in order to operate in Great Britain, any prediction market would require a licence from the Gambling Commission, the independent regulator for gambling. If approved, they would be classified as a ‘Betting Intermediary’ and subject to regulation under the Gambling Act 2005. The government will monitor the potential impacts of prediction markets and consider further action if needed.