Bill > HB5059

This bill, known as the Oversight and Regulation of Activity for Contracts Linked to Events (ORACLE) Act, establishes rules for prediction market platform providers, which are services allowing consumers to place financial bets, or "speculative positions," on the outcomes of future events. Key provisions include prohibiting individuals under 21 from participating, requiring platforms to exclude certain individuals like those with insider information or who have self-excluded, and banning specific types of markets such as those related to catastrophic events, politics, death, securities, and athletic events. The Act also mandates responsible gaming measures, including self-exclusion options, deposit limits, time management tools, and prominent display of the Illinois Gambling Help Hotline, alongside restrictions on advertising, the use of credit-based products, and gift certificates. Furthermore, it requires platforms to prevent fraud and market manipulation, with penalties for violations, and grants the Attorney General the authority to create rules for the Act's implementation.