I was curious how prediction markets were going to handle the useless Kentucky Derby. Turns out they can't. There's an old law from 1978 that protects the horseracing industry.
From an ai search:
The Interstate Horseracing Act of 1978 grants tracks and horsemen strict control over who can facilitate wagering on their races. Because Churchill Downs Inc. did not give consent, platforms like Polymarket had to pull their listed 2026 Kentucky Derby markets and refund all placed wagers. Kalshi chose not to post contracts for the event at all.
If horse racing is going to continue, and I don't think it should, then let the free markets participate. The old law needs to change.
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