US Democratic lawmakers introduce a bill to crack down on prediction markets

Polymarket/Polymarket exchange

Senator Chris Murphy and Representative Greg Casar introduced the BETS OFF Act, which would ban prediction-market bets on government actions, war, terrorism, assassination and events whose outcome a bettor knows or controls. It followed well-timed bets ahead of US-Israeli strikes on Iran.

• BETS OFF Act bans wagers on government, war, terrorism, assassination and outcomes known or controlled by bettors
• Prompted by large well-timed bets ahead of US-Israeli strikes on Iran with accounts cashing out hundreds of thousands
• Joins several competing bills to regulate prediction markets; Trump administration supports markets while facing state-level challenges