Comment Text:
To quote the CFTC:
"Accordingly, the Commission believes that it is appropriate, for purposes of defining “gaming” within § 40.11, to focus on the staking or risking of something of value upon a contest of others or a game, including the outcome of such contest or game, the performance of competitors in such contest or game,73 or other occurrences or non-occurrences in connection with such contest or game"
However the CFTC also says:
The Commission acknowledges that several state statutes recognize “gambling,” “betting,” or “wagering,” to encompass, more broadly, a person staking or risking something of value upon the outcome of any contingent event not in the person’s influence or control – and not just a game or a contest of others. The Commission is not proposing to define “gaming” in this manner.
Hence it is clear that to the CFTC "gaming" involves a game or contest, but should NOT be concerned with various state statutes or rulings which claim otherwise.
Merriam-Webster defines "contest" as:
1) a struggle for superiority or victory
2) a competition in which each contestant performs without direct contact with or interference from competitors
This commenter sincerely believes that the meaning of "game or contest" ought to be defined clearly with regard to sporting events. Otherwise, the CFTC could easily overreach and arrive at conclusions not intended by Congress. For example, a derivative (option) contract is clearly a bet or wager on the ongoing 'contest' between competing business organisations. Note that in either Merriam-Webster definition above, a company competes for business, but has no control over the price of its stock on a stock exchange (this is decided only by other bidders and sellers). Similarly an election is clearly also a contest in this regard.
It is not appropriate for the CFTC to decide that a single regulation should apply to one kind of contest but not another. Therefore the CFTC must define "gaming" to only apply to sporting games contests. Elections and financial outcomes should not be included.
