Bill > A09251

This bill enacts the Oversight and Regulation of Activity for Contracts Linked to Events (ORACLE) Act, which establishes comprehensive regulations for prediction markets in New York State. The legislation prohibits prediction market platforms from allowing New York residents under 21 to participate and bans markets related to catastrophic events, politics, deaths, securities, and athletic events. Providers must implement strict responsible gaming measures, including self-exclusion options, spending limits, time tracking features, and mandatory problem gambling hotline information. The bill mandates detailed advertising restrictions, such as prohibiting misleading ads, banning push notifications about markets users aren't currently involved in, and requiring clear responsible gambling messaging. Platforms are required to maintain transparency about settlement sources, prevent insider trading and market manipulation, and face significant penalties for non-compliance, including civil penalties up to $10,000 per violation and potential injunctions. The bill also restricts the use of credit-based products for market participation and prohibits gift certificates related to prediction market platforms. Providers must carefully screen participants, preventing employees, those with insider information, and other specified groups from participating. The legislation aims to protect consumers by establishing rigorous oversight and consumer protection standards for prediction market platforms operating in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A9251