hold on there's just too much going on in Congress lmao...
Bans financial contracts tied to sports and casino game results.
Senators Schiff, Curtis, and Cortez Masto introduced this bill.
Introduced in the Senate, currently in committee.
This bill proposes to amend the Commodity Exchange Act to prohibit financial contracts, known as event contracts, that are based on the outcomes of sporting events or casino-style games. It was introduced by Senators Schiff, Curtis, and Cortez Masto in the Senate on March 23, 2026. It is currently being reviewed by a Senate committee, and no vote has taken place yet.
Introduced Mar 23, 2026
The bill was introduced in the Senate on March 23, 2026, and referred to the Committee on Agriculture, Nutrition, and Forestry. For it to become law, the committee must approve it, then the full Senate would need to vote on and pass it. After that, it would go through a similar process in the House of Representatives before potentially being signed by the President.
If this bill becomes law, you would no longer be able to participate in prediction markets or other financial contracts where the payout depends on the result of a sporting event, from amateur to professional, or any casino-style game like blackjack, roulette, or lotteries. These prohibitions would apply to any new contracts created after the bill's enactment. Importantly, this federal change would not prevent individual states from regulating or prohibiting these activities on their own.
Supporters Say
Supporters believe these financial contracts are essentially gambling and should be restricted to protect consumers.
Critics Say
Critics might argue this bill limits financial innovation and people's ability to participate in legal markets.
Those in favor, as suggested by the bill's title 'Prediction Markets Are Gambling Act,' likely view these event contracts as a form of gambling, potentially leading to financial risk for participants, and thus warrant federal oversight and prohibition through the Commodity Exchange Act. Conversely, potential critics could argue that these markets offer unique investment opportunities or a different way for individuals to engage with sports and games, and restricting them could stifle innovation in financial services without sufficient justification.