Lawmakers unveil BETS OFF Act targeting prediction markets linked to government

U.S. lawmakers on Tuesday (March 17) rolled out new legislation aimed at shutting down certain prediction markets that allow people to wager on geopolitical developments, government decisions, and other real-world events.

Sen. Chris Murphy and Rep. Greg Casar introduced what they call the Banning Event Trading on Sensitive Operations and Federal Functions Act, or the BETS OFF Act. Their proposal would block betting platforms from offering contracts tied to government actions or situations where insiders might already know...