Sports betting has become increasingly popular in recent years, and in many states, it is now legal. One type of sports betting is called in-play betting, and involves wagering on a sporting event as it is happening. These bets are also known as in-running betting or live action betting.

Regulating sports betting is a complicated and difficult process. It also has overlapping jurisdictions, which could lead to issues. The CFTC argues that regulating sports betting would benefit stakeholders, customers, and politicians alike. In fact, academics have noted that sports betting is similar to financial markets, and that exchange-based markets provide the perfect opportunity for integrity monitoring.

Since the Murphy decision, sports betting has gained significant salience in the United States. Many states that previously resisted gambling are now exploring legalizing it. Earlier, however, sports betting was considered a social pariah. During the 1950s, Congress looked at sports gambling as a potential threat to national morality and prosperity. In response, the Senate created a five-member special committee to investigate organized crime and sports gambling. Its chairman was a senator from Tennessee.