Regulating Online Gambling, er, Predicting

From the AP:

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 on Thursday said it is considering whether these markets should be regulated, and how.

"Event markets are rapidly evolving, and growing, presenting a host of difficult policy and legal questions," Walt Lukken, the commission's acting chairman, said in a release. "What public purpose is served in the oversight of these markets and what differentiates these markets from pure gambling outside the CFTC's jurisdiction?"

...

[Iowa Electronic Markets' director, Joyce Berg] said some guidance is definitely needed to make a distinction between these markets and gambling, but doesn't want to see such markets regulated out of existence.

Two things interest me about this.  First, there is the "international" component:  Are they going to try to regulate "event markets" hosted outside of the U.S. or run by non-U.S. companies?  Will their actions in this regard lead to complaints about "trade barriers"?

Second, somewhat relatedly (and hinted at in the last part of the above quote), how do event markets differ from the online gambling at issue in the WTO Gambling dispute?  If event markets are legal (subject to regulation), can online gambling be prohibited?  And if they are not gambling services (and I think there is a good case that they are not), what exactly are they?