Designated contract market (DCM)
A US exchange licensed by the CFTC to list futures, options and event contracts for the public.
Kalshi (KalshiEX LLC) and Polymarket US (QCX LLC) are DCMs. The designation brings surveillance, record-keeping, customer-fund and rulebook obligations, and it is the basis for the argument that federal law preempts state gambling statutes.
A DCM can self-certify new contracts, which is how sports and election markets were listed quickly in 2025 and 2026. The CFTC can review or block a contract that it finds contrary to the public interest.
States argue that a federal licence to run an exchange is not a licence to take sports bets in their territory. That is the dispute working through the Third, Fourth and Ninth Circuits and toward the Supreme Court.
Where you will see it on BetG8
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Frequently asked questions
- What does "Designated contract market (DCM)" mean?
- A US exchange licensed by the CFTC to list futures, options and event contracts for the public.
- Why does designated contract market (dcm) matter for prediction markets?
- States argue that a federal licence to run an exchange is not a licence to take sports bets in their territory. That is the dispute working through the Third, Fourth and Ninth Circuits and toward the Supreme Court.