New York Lawmakers Move to Rein In Prediction Markets

[johnblockbuster]

Clyde Vanel has reintroduced legislation aimed at sharply limiting what prediction markets can offer in New York. The proposal, known as the ORACLE Act, would restrict event-based contracts on platforms like Kalshi and Polymarket, targeting markets tied to sports, politics, and financial assets.

Prediction markets have surged in popularity over the past year, with trading volumes hitting record highs. Research cited in the bill suggests that sports betting alone accounts for up to 90% of Kalshi’s activity, making it a central focus of the proposed restrictions.

[ed]

ny really said “you can predict the season but not the game,” ok sure