BETS OFF Act

This bill, titled the Banning Event Trading on Sensitive Operations and Federal Functions Act, aims to outlaw wagering on a specific category of sensitive and non-financial events. It establishes a clear prohibition against any person placing, accepting, or facilitating wagers related to these defined "specified events." A "specified event" is broadly defined to include acts of terrorism , assassination , and war . Additionally, it encompasses any event not primarily financial or commercial that involves government actions, has an outcome under complete control of a person, or an outcome known in advance. The bill explicitly excludes lawful insurance products, such as those under the McCarran-Ferguson Act, foreign law, or federal programs like the Terrorism Risk Insurance Program, from its definition of a "wager." To enforce this prohibition, the Attorney General is empowered to initiate civil actions for injunctive relief against violators. The legislation further strengthens its provisions by amending several existing federal statutes, including those related to interstate racketeering , illegal gambling businesses , and the funding of unlawful internet gambling , to incorporate violations of this Act. Moreover, it prohibits registered entities under the Commodity Exchange Act from listing or trading agreements or swaps involving these specified events.