Iowa’s gambling rules may be altered by feds

For years, Iowa has been a national example of how to regulate gambling responsibly, thoughtfully, and in line with our communities’ values. From casinos that support local jobs to a sports betting framework that emphasizes integrity and consumer protection, we’ve shown that states, not the federal government, are best positioned to make decisions that balance economic opportunity with public responsibility.

That’s why the growing push in Washington to allow “sports event contracts” through prediction market platforms should concern every Iowan.

These companies claim that betting on the outcome of a ballgame, political event, or cultural moment is not gambling at all, but a “financial contract” that should fall under federal commodities regulation. But if it looks like a bet and acts like a bet, it's a bet. Instead of operating under Iowa’s gaming laws, these platforms aim to bypass them entirely by placing their products under the authority of the Commodity Futures Trading Commission (CFTC).

Iowans understand farming, markets, and risk. We know the CFTC exists to protect the integrity of agricultural futures, such as corn, soybeans, and livestock, not to referee wagers on the Super Bowl or a Saturday night Hawkeye game. Expanding the agency’s role into sports betting doesn’t strengthen regulation; it dilutes it. Worse, it sidesteps the safeguards Iowa has spent decades building.

Here in Iowa, licensed casinos and sportsbooks follow strict rules: age verification, identity checks, responsible gaming requirements, tax reporting, and full state oversight. Those regulations fund community programs, strengthen local economies, and ensure that when Iowans choose to wager, they do so in a safe and transparent environment.

Prediction market platforms offer none of those protections. They allow access for anyone over 18, ignore state licensing, pay no taxes to support our schools or public safety, and provide no investment in rural communities They compete directly with businesses that play by the rules while contributing nothing to the people who live and work here.

Most troubling, they ask us to give up our decision-making authority. Our state legislature, and ultimately the people of Iowa, have always determined what gambling is permitted here. That’s how it should remain. Allowing Washington to unilaterally redefine gambling as a “financial product” sets a dangerous precedent.

As a county supervisor, I’ve spent my career pushing back when federal agencies expand their reach at the expense of local control. The debate over prediction markets is about who gets to make decisions that affect Iowa families, local economies, and the integrity of our public institutions.

Iowa has done this right. We’ve built a system that works, one grounded in personal responsibility and state oversight. We shouldn’t let a handful of Wall Street-backed platforms upend that framework for their own benefit.

Washington should stick to regulating commodities, not sports betting. And Iowa should continue calling the shots for Iowa.

BJ Hoffman is a fifth generation Hardin County farm owner and is serving in his ninth year as a Hardin County supervisor.