Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the approach taken by the United States Commodity Futures Trading Commission to event contracts, and of its potential implications for the competitiveness of UK financial 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.