Prediction Markets Are Gambling Act

This bill amends the Commodity Exchange Act to introduce a significant prohibition on certain types of event contracts. Specifically, it bans agreements, contracts, or transactions related to sporting events or athletic competitions and casino-style games from being listed, cleared, or traded on or through any registered entity.

The legislation broadly defines "casino-style games" to include traditional casino offerings like slot machines, blackjack, roulette, and bingo, as well as their simulations. Similarly, "sporting events" encompass any live or virtual contest involving physical activity or skill, including amateur, collegiate, and professional sports. This measure aims to prevent prediction markets involving these activities from operating under the Commodity Exchange Act, while also clarifying that it does not preempt existing or future state laws regulating such agreements.