Ted Cruz: “We must also acknowledge the existence of unregulated…”

“At a minimum, any prediction market that offers event contracts on sports should be expected to join serious efforts to detect and prevent the rigging of sports. We must also acknowledge the existence of unregulated offshore sportsbooks that have existed for decades. That issue may well be one for law enforcement, treasury or the State Department to solve. Today's hearing is designed to focus on the use of tools in the regulated market to catch and to prevent game manipulation.” (04:08–04:16)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.