DraftKings has expanded its prediction platform offering by adding a new sports contract bundle feature in the DraftKings Predicts app and revising the fee structure for...
New bill in Pennsylvania to regulate prediction markets
Pennsylvania’s Gaming Oversight Committee received House Bill 2497 on May 8, 2026, with the measure aiming to regulate prediction markets in the state.
According to the bill, supervision of prediction markets would be the responsibility of the Pennsylvania Gaming Control Board, and the regulator would be able to prohibit trades on elections, natural disasters, and military conflicts in order to prevent abuse of insider information.
Additionally, operators would have to pay a $1 million licensing fee, with the same amount set for license renewal payments. The bill also includes restrictions on participation, as only people above 21 would be allowed to trade on prediction markets, which aligns with the state’s sports betting laws.
One of the sponsors of the bill, Tarik Khan, commented:
“We have a duty to make sure that these markets are legit and that people are not getting scammed. To think that people that have inside information, people in power, are able to game this system and make millions off the backs of people that are trying to do it the honest way, it’s a problem.”
Danilo Burgos, another sponsor of the bill, explained why the proposal is needed:
“Because these platforms often claim to be ‘financial derivatives’ rather than gaming products, they currently bypass the rigorous safeguards we have spent decades building for our casinos and sportsbooks. This ‘regulatory arbitrage’ leaves our constituents vulnerable and deprives the Commonwealth of significant tax revenue.”
The proposal also suggests imposing a 20% tax on gross gaming revenue and a 2% tax, which would go towards community projects. If the sector becomes legalized, unregulated operators would face fines of up to $25,000 for offering prediction platforms without a license.
The U.S. Senate unanimously passed a bill to ban members and staffers from trading on prediction markets, effective from April 30, 2026.The measure was initially...
