New York Reintroduces Bill Restricting Prediction Markets

New York Assemblyman Clyde Vanel has reintroduced the Oversight and Regulation of Activity for Contracts Linked to Events (ORACLE) Act, which aims to significantly restrict the types of event contracts offered by prediction markets like Kalshi and Polymarket in the state. The bill specifically targets markets tied to the outcomes of individual sports matches, banning "prop betting" on game particulars, though bets on overall league winners might still be permitted. Furthermore, the legislation seeks to outlaw prediction markets concerning politics (like election outcomes), deaths, catastrophic events, and speculation on publicly traded company prices. Platforms operating under the bill would also need to implement self-exclusion tools and face a $1 million daily fine for non-compliance after being ordered to stop offering banned markets. This legislation comes as prediction markets face regulatory scrutiny in multiple states regarding whether they require gambling licenses.

(Source：Cointelegraph)