This bill, titled the Prediction Markets Are Gambling Act, amends the Commodity Exchange Act to prohibit specific types of event contracts. It bans any agreement, contract, or transaction related to sporting events or athletic competitions and casino-style games from being listed, cleared, or traded on or through a registered entity. The legislation broadly defines "sporting event or athletic competition" to include amateur, collegiate, and professional sports, and "casino-style game" encompasses traditional casino offerings like blackjack, roulette, and slot machines, as well as bingo and lottery. This prohibition applies to all such contracts entered into on or after the date of the bill's enactment. Furthermore, the Act explicitly states that it does not preempt any State law or rule that regulates or prohibits these types of agreements, ensuring state authority remains intact.