Senate Committee Approves Bill To Outlaw Wall Street's Box Office Betting Programs

UPDATE: MPAA president and interim CEO Bob Pisano expressed optimism that Capitol Hill will squash the box office futures businesses after Commodity Futures Trading Commissions approved them. “We thank Chairman Lincoln and the Committee for seeking to put an end to plans that would allow wagering on box-office futures,” Pisano said. “We believe these plans are based on a faulty understanding of the film business and could case real financial harm to both the film industry and other Americans drawn in by an online gaming platform that could be easily manipulated.”

EARLIER: I’m not sure how this affects the over/under wagering vis a vis Media Derivatives and Cantor Fitzgerald selling futures contracts based on the box office grosses of films. But opponents of the programs were buoyed today by the Senate Agriculture Committee’s vote to approve a bill which contains the┬áprovision prohibiting placing wagers through online marketplaces on box office numbers. The bill by Senator Blanche Lincoln (D-Ark) is part of a package of financial reforms that will go before Congress shortly.

Wall Street Approves 2nd B.O. Futures Betting Program

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