What legislation is or may be imposed on prediction market platforms in your state?

States with neither restrictions on nor ongoing legal action against prediction market platforms:

Alaska, Arizona, Arkansas, Colorado, Delaware, Florida, Idaho, Indiana, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington, West Virginia, Wisconsin; Wyoming.

States with pending or failed action against prediction market platforms:

California: Three bills currently pending– one prohibiting specified officials and government employees from engaging in prediction market contract transactions (A1840), another prohibiting platform operators from making platforms available to or advertising to minors (A2617), and a third which requires the attorney general to investigate any payout of a specified amount or more received because of prediction market wagering if the event outcome was a matter of national security (A2446).

Connecticut: Attempted, and failed to pass, a bill prohibiting prediction market platforms from allowing use by or advertising to consumers under the age of 21. No further pending restrictions at this time.

Hawaii: One bill currently pending, which aims to amend the definition of gambling to include prediction markets, specifically those involving transactions of securities and commodities (or other similar financial products) on the outcome or future contingent event related to catastrophe, contests, death, legislation, national security, people, politics and sports (H2198)

Illinois: Three bills currently pending: one which prohibits a prediction market platform provider from permitting any consumer under the age of 21 to register or to open any speculative position on a prediction market as well as prohibiting certain types of prediction markets (H5059), one which provides that no person may operate a prediction market offering qualifying prediction market contracts to residents without first obtaining a license from the Gaming Board (S4168), and an expansion to the Sports Wagering Act which includes prediction markets involving any portion of a sports event (H5142).

Iowa: Two pending bills addressing event driven contracts. The two bills place limitations on users of prediction market platforms and impose state tax on adjusted revenues from such platforms (S2085 and S2470)

Kentucky: two pending bills, one addressing revenue measures for prediction market platforms (H757) and another authorizing the Kentucky Horse Racing and Gaming commission to regulate the conduct of fantasy contest operators and Imposing an excise tax on a prediction market operator at the rate of 14.25% of the prediction market operator's gross receipts (H904).

            Minnesota: two pending public safety bills which each prohibit certain wagers and other prediction market activities and provide criminal penalties for violations (H4437 and S4511).

New Jersey: two pending bills directly addressing prediction markets, each prohibiting operations of certain prediction markets within the state and authorizing athletic event market operations in compliance with local sports wagering regulations (A4689 and S3692)

New York: five pending pieces of legislation which enact regulatory oversight over event contract platforms (A9251 and S9414) and restrict the use of prediction markets by certain officers or employees of the state (A9635), as well as minors (A10712). Pending legislation will also require a license from the DFS to operate a prediction market (S8889).

Tennessee: two pending criminal offense bills (H2079 and S1992) which makes a Class E felony offense of engaging in conduct intended to influence the outcome of an event while the person or another is a party to a contract with a prediction-market by which the person will benefit from the outcome.

Vermont: one pending piece of legislation (H913) which relates to prohibiting certain prediction markets securities.

Virginia: one pending carryover piece of legislation which directs the Virginia Gaming Commission Board to define prediction markets, determine their relationship or lack thereof to gambling platforms, and explore federal vs state regulation possibilities for platforms (H271). Two failed pieces of legislature which had sought to exert state control over regulation of and revenue from prediction market platforms (S195 and S609).