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.
