BETS OFF Act

The "Banning Event Trading on Sensitive Operations and Federal Functions Act," or the "BETS OFF Act," aims to prohibit all forms of wagering on certain sensitive and non-financial events. It defines a "specified event" broadly to include acts of terrorism, assassinations, and wars. Additionally, it covers any event whose primary characteristic is not financial, commercial, or economic, and which involves government actions, outcomes under complete control of a person, or outcomes known in advance. Under this Act, it will be unlawful for any person to place, accept, or facilitate a wager concerning a specified event. The Attorney General is empowered to initiate civil actions for injunctive relief against violators. Furthermore, the bill integrates these prohibitions into existing federal statutes by amending laws related to interstate and foreign travel or transportation in aid of racketeering enterprises , prohibition of illegal gambling businesses , and funding of unlawful internet gambling . It also prevents registered entities under the Commodity Exchange Act from listing or trading contracts related to specified events.