New York May Restrict Prediction Markets, Banning Bets on Politics, Sports, and Disasters

A new bill has been introduced in the New York State Assembly aimed at defining, regulating, and limiting the operation of prediction markets, Next.io reports.

If adopted, the measure would block residents from accessing a wide range of popular prediction platforms. The proposal would ban markets related to political events, natural disasters, deaths, and stock price fluctuations.

Sports would also be affected: predictions on individual games or in-game events would be prohibited, while forecasts of tournament outcomes — such as who will win the Super Bowl — would remain allowed.

According to the bill, prediction-market platforms would be barred from partnering with gambling operators or intermediaries engaged in betting activities. This would effectively separate prediction markets from both the gambling industry and the financial sector. Earlier, major betting companies such as DraftKings and FanDuel had announced plans to launch their own prediction platforms.

The bill also mirrors responsible-gaming standards applied to gambling operators. It proposes:

• raising the minimum participant age to 21;
• banning advertising aimed at those under 21;
• prohibiting the use of credit cards or credit products for deposits;
• requiring that all advertising include responsible-gaming messages and a helpline number throughout its duration;
• mandating platforms to implement self-exclusion tools and limits on deposits and time spent.

The primary goal of the initiative is to draw a clear line between prediction markets, gambling, and financial trading.

Gambling Park notes that the document — Assembly Bill A09251, also known as the ORACLE Act — has been submitted to the Assembly Committee on Consumer Affairs and Protection for review.