WASHINGTON -- The rising popularity of markets where guesses are wagered on the outcome of everything from presidential elections to celebrity marriages has led to a situation that, well, many had predicted.

The Commodity Futures Trading Commission said it is considering whether these markets should be regulated.

"What public purpose is served in the oversight of these markets and what differentiates these markets from pure gambling outside the CFTC's jurisdiction?" Walt Lukken, the commission's acting chairman, said in a news release Thursday.

Academics who study event, or prediction, markets said it's an area that should be allowed to flourish because it's an important tool for collecting data that could improve decision-making.

"This is one of the main forms of innovation showing up recently that deserves exploration," said Robin Hanson, an economics professor at George Mason University.

In the United States, the Iowa Electronic Markets, run by the University of Iowa business school, is one of the better-known markets. It has about 1,000 traders at any time, who can invest up to $500 to trade on a variety of contracts, including the outcome of the presidential elections.