PHOENIX — A federal judge has blocked the state from prosecuting an online gambling site for violating state gaming laws.
In an extensive ruling, U.S. District Court Judge Michael Liburdi ruled Congress gave the federal Commodity Futures Trading Commission exclusive jurisdiction over what it calls the trading of “swaps.”
The judge said wagering money on future events — including gambling and the outcome of elections — fits the legal definition of swaps. And that, Liburdi said, preempts state laws that specifically restrict such wagering.
