Todd Bookman

March Madness is one of the most widely bet on events of the year, and for states, regulated sports gambling has become a key source of revenue.

But prediction market companies have come seemingly out of nowhere, offering people the chance to win money on the outcome of games.

But state governments don't get a cut.

State Senator Tim Lang, a Republican...

says New Hampshire could soon join other states that have filed lawsuits.

The prediction markets and the Trump administration say the federal government, not the states, should have oversight.

For NPR News, I'm Todd Bookman.

March Madness is one of the most widely bet on events of the year, and for states, regulated sports gambling has become a key source of revenue.

But prediction market companies have come seemingly out of nowhere, offering people the chance to win money on the outcome of games, but state governments don't get a cut.

State Senator Tim Lang, a Republican, says New Hampshire could soon join other states that have filed lawsuits.

The prediction markets and the Trump administration...

say the federal government, not the states, should have oversight.

For NPR News, I'm Todd Bookman.