Oregon Lawmakers Press CFTC to Curb $1 Million Wildfire Bets as 2 Million Acres Burn
Updated
Updated · OregonLive · Aug 3
Oregon Lawmakers Press CFTC to Curb $1 Million Wildfire Bets as 2 Million Acres Burn
3 articles · Updated · OregonLive · Aug 3
Summary
Oregon lawmakers asked the CFTC to crack down on wildfire prediction markets, giving the agency until Aug. 14 to say whether it will ban or restrict the contracts.
More than $1 million was wagered on the 2025 Los Angeles wildfires alone, and the senators said contracts on fire size, duration and damage could create incentives for arson or manipulation.
Jeff Merkley, Ron Wyden and lawmakers from other fire-stricken states called the markets profiteering from disasters hitting vulnerable communities during Oregon’s worst wildfire season on record.
Polymarket and similar platforms also list bets on hurricanes, volcanoes, earthquakes and Oregon drought conditions, extending a broader fight by the senators against event-based prediction markets.