New York Assemblyman Clyde Vanel has introduced a bill to “crack down” on prediction market wagering.
According to CNY Central, the Oversight and Regulation of Activity for Contracts Linked to Events Act, or ORACLE, would ban predictions on various categories “that are contrary to public policy.”
Prediction markets like Kalshi and Polymarket have been exploding in popularity despite many in the gambling industry seeing their business models as exploiting a loophole that allows them to circumvent state gambling laws.
Billions of dollars are reported to have been wagered on such platforms during the recent New York City mayoral election.
