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A bipartisan bill introduced in the Senate today is pushing to stop prediction platforms such as Kalshi and Polymarket from offering wagers tied to sports or casino-style games.
The proposal, called the Prediction Markets Are Gambling Act, is co‑sponsored by Senator Adam Schiff of California and Senator John Curtis of Utah. It also marks the first time lawmakers from both parties will be joining forces in the chamber to target prediction markets.
“Sports prediction contracts are sports bets, just with a different name,” said Sen. Schiff when introducing the bill. “These contracts are currently offered in all fifty states in clear violation of state and federal law.”
Under the bill, any company registered with the Commodity Futures Trading Commission would be barred from listing contracts linked to athletic competitions or casino games like poker, blackjack, roulette, or slots. Lawmakers say the aim is to prevent prediction markets from sliding into the role of online casinos in the future.
The legislation does not call for these platforms to shut down entirely, but looks to restrict them from offering bets that fall under state gambling laws.
“It’s time for Congress to step in and eliminate this backdoor which violates state consumer protections, intrudes upon tribal sovereignty, and offers no public revenue,” Schiff added. “The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families, and keeping speculative financial products out of spaces where they don’t belong.”
Multiple anti-PM bills hit Congress this year
The Prediction Markets Are Gambling Act is only the latest in a string of measures aimed at tightening control over prediction platforms in the US. Earlier this month, Senator Chris Murphy and Representative Greg Casar unveiled the BETS OFF Act, a proposal designed to block contracts tied to government and military decisions.
Lawmakers pointed to recent trades where users profited from geopolitical crises, including joint strikes by the U.S. and Israel against Iran and the abduction of Venezuelan President Nicolas Maduro.
The bill would outlaw wagers on government actions, terrorism, war, assassination, and any event where an individual could influence the outcome. Beyond banning these contracts, the proposal will cut off payment systems linked to offshore sites and impose criminal penalties on anyone in the US who promotes or manages such businesses.
The year has also seen Senator Richard Blumenthal propose new consumer protections, such as age checks and advertising limits, while Senators Jeff Merkley and Amy Klobuchar push to stop elected officials from profiting through prediction markets. Rahm Emanuel is also proposing a similar ban to Merkley and Klobuchar, but his will also cover federal employees and their families.
