Bill > S08889

This bill, known as the "New York Prediction Market Regulation Act," requires any entity operating a "prediction market"—defined as any platform, whether online or physical, where people can bet, trade, or make financial bets on the outcomes of future events like political elections or economic changes—to obtain a license from the Department of Financial Services. To get this license, operators must provide business and financial information, demonstrate they have anti-money laundering (AML) programs in place, outline consumer protection policies including how disputes will be handled, and show they have internal controls for market integrity and managing risks. The Department of Financial Services will have the authority to investigate these markets, set standards for how operators conduct themselves, and enforce these rules by potentially suspending or revoking licenses, imposing fines, or ordering restitution for those harmed.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8889