Bill > HB05038

This bill, effective July 1, 2027, prohibits prediction market platforms, defined as services allowing individuals to speculate on future events using a "bid-ask format" (where buyers and sellers offer prices for positions), from allowing consumers under the age of twenty-one to register or place speculative positions, and also restricts advertising to this age group. The bill mandates that these platforms verify users are at least twenty-one and physically present in the state, and offer a voluntary self-exclusion process. If a platform inadvertently allows underage use, it must immediately suspend the account, close positions, refund funds, and prohibit further use until the individual turns twenty-one. Advertisements must clearly state the age requirement of twenty-one and avoid targeting those under twenty-one or college campuses, and must include an unsubscribe link for direct electronic communications. Violators face civil penalties of up to $10,000 per violation, or up to $50,000 for persistent violations, with the Department of Consumer Protection tasked with creating regulations to implement these provisions. A study on the effects of prediction market platforms, including their impact on underage individuals and problem gambling, will be conducted and reported by February 1, 2027.

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https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05038&which_year=2026