May 28, 2026 · PM edition

Prediction Markets vs. The Government, MLB Wants a Cap, and Dell Is Moving After Hours

When the gambling lobby calls your gambling product a gambling product, you have achieved a very specific kind of legitimacy.

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Full recap

The federal government and the states are in an all-out turf war over prediction markets, and the CFTC just added Rhode Island to its growing list of defendants. That's now seven states sued by a single regulatory body over who gets to decide whether you can bet on elections, economic data, and whatever else these platforms cook up. Democracy is beautiful. The American Gaming Association, never missing a chance to protect its own monopoly, is out here warning that prediction markets have cost states a billion dollars in tax revenue. Translation: the casino lobby is mad that someone else figured out how to take your money without a loyalty card and a buffet. The AGA's CEO called prediction markets 'backdoor sports betting,' which is hilarious coming from an industry that turned every sports broadcast into a gambling advertisement. The pot would like to introduce itself to the kettle. Meanwhile in actual sports betting news, CBS Sports is cheerfully running BetMGM promo codes right next to their actual sports coverage. The line between editorial and advertising has not just blurred, it has been laminated, framed, and hung in a casino lobby. Use code CBSSPORTS to lose your first $1,500 with style. MLB officially proposed a salary cap and floor in the latest CBA negotiations, which is the owners finally admitting out loud that they want to limit how much they have to pay the people who actually play the game. The players union is going to love this one. Popcorn futures are up. On the market side, Dell, American Eagle, and Gap are all making moves after hours. Gap apparently still exists, which is either comforting or deeply concerning depending on how old you are. Intuitive Machines and Micron were doing things premarket too, because the market never sleeps and neither do the people paid to watch it blink. Tennessee knocked Texas out of the winner's bracket on Day 1 of the Women's College World Series, which is genuinely the most dramatic thing that happened today if you exclude the federal government suing a state the size of a parking lot. Pochettino, meanwhile, is publicly denying a Milan meeting while his reps quietly explore options. In other words: he is absolutely taking that meeting.

Highlights

  • The CFTC has now sued seven states over prediction markets, which is either a principled regulatory stance or a federal agency having a very bad spring, take your pick.
  • MLB just proposed a salary cap to the players union, which is the owners packaging 'we want to pay you less' as a structural reform. Bold strategy.
  • The gaming lobby calling prediction markets backdoor sports betting is the funniest protection racket complaint since taxi companies discovered Uber.
  • Pochettino says his commitment is the World Cup. His agent's commitment is apparently a calendar full of Milan meetings he did not take.

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