Bill > S09414

This bill, known as the Oversight and Regulation of Activity for Contracts Linked to Events (ORACLE) Act, establishes new regulations for "prediction markets," which are platforms where individuals can make financial bets on the outcomes of future events. The act prohibits certain types of prediction markets, including those related to catastrophic events, politics, death, securities, and athletic events, and sets age restrictions, requiring participants to be at least 21 years old. It also mandates that prediction market platforms disclose their "settlement sources" (where they get information to determine market outcomes), implement responsible trading measures like self-exclusion options and spending limits, and adhere to strict advertising guidelines, including prominently displaying a problem gambling hotline. Furthermore, the bill prevents licensed gaming entities from operating prediction markets and imposes penalties for violations, with the Attorney General empowered to enforce these new rules.