New York Senate committee advances prediction market ban
A New York Senate committee advanced a bill to ban many prediction market contracts on May 21. The Racing, Gaming and Wagering Committee voted 6 to 0 to move Senate Bill 9414, sponsored by Sen. Joseph Addabbo, to the Finance Committee.
The bill would bar contracts tied to sports, politics, death, catastrophic events, and securities. It would also raise the minimum age for prediction market trading to 21, require self-exclusion tools, restrict advertising, and block funding through credit cards or gift cards.
New York's legislative session ends in about two weeks, so the bill has little time left to pass. It would add the state to a growing list pushing back on platforms like Kalshi and Polymarket.