A bill called the PREDICT Act was introduced in Congress and seeks to prohibit members of Congress and federal officials from trading on prediction markets, according to the available report text.
The proposed restriction could affect prediction-market participation by federal officials if enacted.
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Sue Schneider, a Sports Betting Hall of Famer, argues the Wire Act should be central to the prediction markets discussion, in a monthly column. She writes that the prediction markets debate has dominated conferences over the past 18 months.
Tribal gaming representatives and senators are urging Congress to add restrictions on sports and casino betting through prediction markets to the Clarity Act. At a Senate Indian Affairs Committee roundtable, Indian Gaming Association Vice Chairman Tehassi Hill called for state and tribal gaming laws to govern those markets; Senator John Boozman opposed adding the provisions to the bill or Farm Bill.
A bipartisan pair of Nevada lawmakers has filed federal legislation aimed at stopping prediction markets from offering sports contracts. Representative Steven Horsford introduced HR 9856 on Wednesday, the outlet reported.
It was reported that 12 Democratic senators urged congressional committees to add a prediction-market ban to the pending CLARITY Act. Their 17 July letter targets contracts resembling sports wagers or casino games.
The Indian Gaming Association (IGA) urged US senators to amend the CLARITY Act to bar federally regulated prediction markets from offering sports or casino-style contracts and to protect existing tribal, state and federal gaming laws. The association said its representatives were meeting senators and congressional staff as lawmakers negotiate the bill.