New York State introduces new bill to regulate prediction markets, proposing a ban on political and sports event contracts

PANews reported on January 9 that the New York State Legislature will resubmit the "ORACLE Act" in November 2025, aiming to regulate event-based contracts by adding Chapter 48 "Prediction Markets" to the General Business Law. The bill proposes to prohibit trading contracts related to political and sports events, while also establishing age restrictions, market access requirements, advertising limitations, and anti-manipulation provisions. Although the ban covers certain types of events, neutral outcomes such as "league wins or losses" may still be tradable, indicating that regulators are attempting to strike a balance between innovation and risk.