Section 1 Short title
This Act may be cited as the “Prediction Markets Are Gambling Act”.
Prediction Markets Are Gambling Act
A BILL
To amend the Commodity Exchange Act to prohibit certain event contracts involving sports and casino-style games.
Sec. 2 Prohibition on certain event contracts involving sports and casino-style games
Amendment to the Commodity Exchange Act— Section 5c(c) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)) is amended by adding at the end the following:
“(6) Prohibition on sporting and casino-style event contracts
“(A) Definitions—In this paragraph:
“(i) Casino-style game—The term casino-style game means any game traditionally found in a casino, including slot machine games, video poker, blackjack, roulette, craps, any other casino-style table game, bingo, lottery, and any simulation of any of those games.
“(ii) Sporting event or athletic competition—The term sporting event or athletic competition means any live or virtual contest involving physical activity or skill in which individuals or teams compete and performance determines an outcome or statistical result, including amateur, collegiate, and professional sports.
“(B) Prohibition—Notwithstanding any other provision of this section, no agreement, contract, or transaction relating to any sporting event or athletic competition or any casino-style game may be listed or made available for clearing or trading on or through a registered entity.
“(C) Rule of construction—Nothing in this Act shall be construed to preempt any State law or rule that regulates or prohibits any agreement, contract, or transaction relating to any sporting event or athletic competition or any casino-style game.”
Applicability of prohibition— Paragraph (6)(B) of section 5c(c) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)) (as added by subsection (a)) shall apply to any agreement, contract, or transaction entered into on or after the date of enactment of this Act.