Democratic Texas state Rep. Salman Bhojani has submitted legislation to impose state-specific regulations on prediction markets.
And while the bill proposes various restrictions and provisions to tighten regulation around prediction markets in Texas, it’s what’s absent from the legislation that could suggest a more liberal attitude towards the sector.
Many states and state gambling regulators have taken an aggressively oppositional stance towards sports contracts, but House Bill 598 (HB 598) does not seek to prohibit them, or indeed political and cultural markets.
Instead, it focuses on blocking controversial markets that could be described as contrary to the public interest, such as those pertaining to criminal proceedings, death, terrorism, war, disease, immigration enforcement and natural disasters.
