Connecticut’s “An Act Concerning Gaming” bill has been sent to Governor Ned Lamont after being approved by the House and the Senate on May 4 and 6, respectively.The bill...
New York bill proposes to regulate prediction markets
Senate Bill S8889 proposes to establish a formal licensing and supervision authority for prediction market platforms in New York.
If passed, the bill would amend the Financial Services Law, create a new article dedicated to prediction markets, and place them under the New York Department of Financial Services authority.
According to the bill, prediction markets are defined as any platform that lets users take financial positions on the outcome of future events and receive payouts if the event occurs. The text of the bill doesn’t specifically mention sports betting, but the phrase “including but not limited to” expands the scope of the bill to all event-based markets regardless of subject matter.
Under the proposal, operators seeking to offer prediction contracts in New York must receive a state license, submit business and financial disclosures, and put in place AML and consumer protection measures.
The Department of Financial Services would have the authority to impose fines, revoke licenses, and order compensation if violations are found.
By giving regulatory authority to the Financial Services Law and not to gaming regulatory bodies, the bill aims to create a unique regulatory framework that would treat prediction markets as a separate financial product rather than a form of traditional gambling.
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