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New York Assemblyman Clyde Vanel just put Assembly Bill 9251 on the table, and it’s a big move. He wants prediction markets, basically, betting on real-world events, to play by the same rules as regular gambling. This proposal, called the ORACLE Act (short for Oversight and Regulation of Activity for Contracts Linked to Events), would put some limits on what people can bet on and add new protections for users.
Goals of the ORACLE Act
So, what’s the ORACLE Act trying to do? For starters, it would block certain bets lawmakers see as crossing the line. Prediction markets like Kalshi and Polymarket have exploded in popularity lately. People poured billions into bets during the last New York City mayoral race alone. That kind of money and attention has lawmakers worried that these platforms are skating by in a legal gray area.
Explaining his intentions, Vanel said:
“What this legislation does is, number one, it prevents certain types of events from being used on this platform. Number two, for event contracts that touch regulated betting activities in New York. These platforms have to abide by the same regulations and safeguards that the other betting platforms have to do in New York State.”
New York isn’t the first to crack down. Massachusetts is already taking Kalshi to court. Now, New York’s looking to carve its own path.
Key Provisions of the Bill
Here’s what the bill actually does: The ORACLE Act would ban New Yorkers from betting on catastrophic events, politics, deaths, securities, and individual sports games. You could still bet on whole tournaments, but not single matches. That’s a big shift for sports betting fans.
Protecting consumers is a big part of this. Platforms would have to check that users are at least 21, offer ways to self-exclude, and keep the HOPE NY hotline front and center. They’d also need to explain exactly how they decide outcomes, no settling bets with secret info behind the scenes.
Advertising gets stricter, too. No ads aimed at anyone under 21, no calling bets “risk-free,” and no spamming users with unrelated deal notifications. And forget about using credit cards or gift cards to make deposits.
Don’t expect changes overnight, though. The legislative session just wrapped, so lawmakers won’t look at this bill again until January 7, 2026.
With the ORACLE Act, New York wants to bring prediction markets out of the shadows and put them under real rules. The goal? Let people play, but make sure it’s fair and safe.
Source: Gambling News
