Revived Ny Bill Targets Sports, Politics And Death Prediction Markets (2026)

New York lawmakers will soon review a bill that seeks to ban certain sports and political event contracts in the state, among others.

New York Assemblyman Clyde Vanel has reintroduced legislation to the US state’s lower house that aims to restrict what event contracts prediction markets such as Kalshi and Polymarket can offer.

Vanel resubmitted the Oversight and Regulation of Activity for Contracts Linked to Events, or ORACLE Act, to the New York State Assembly on Wednesday, which was first introduced in November and aims to ban certain markets tied to politics, sports, the stock market and others.

Prediction markets have gained popularity over the past year and offer bets on a range of events, but markets on sports are a particular money maker, with Foresight Ventures research finding up to 90% of Kalshi’s volume was tied to sports.

The bill would ban sports event contracts tied to the outcome of a particular match, such as NFL games during the season, but would still allow bets on the outcome of the league, such as the winner of the Super Bowl.

It would also ban “prop betting” — contracts that focus on particulars of the game, such as the first scoring team or wagers around a particular player.

Prediction market platforms have already crossed paths with regulators in multiple states, with agencies arguing that they need gambling licenses to operate.

Kalshi, in particular, has sued multiple state gambling regulators, including the New York State Gaming Commission, arguing that it is regulated under federal law.

Vanel’s bill would also ban prediction markets around politics, deaths, or a “catastrophic event.”

Related: CFTC issues no-action letter to Bitnomial, clearing way for event contracts

Source: CoinTelegraph