New York Lawmakers Target Prediction Markets as NHL's Rangers Ink Polymarket Deal
New York Assemblyman Clyde Vanel has reintroduced the ORACLE Act to restrict prediction markets in New York. The legislation would prohibit companies like Polymarket from offering bets on the outcomes of individual games and specific in-game events or player performances, but would allow betting on outcomes of entire tournaments. The bill also bans prediction markets for political results, catastrophic events, and individual lifespans. Sports betting accounts for a significant portion of the trading volume on major prediction market platforms such as Polymarket and Kalshi. The proposed law requires markets to implement self-exclusion, time limits, age restrictions, and prohibits the use of credit cards for betting. Violations would result in civil penalties, including fines up to $1 million per day for non-compliance after a court order. The reintroduction coincided with Polymarket’s partnership with the New York Rangers, which would feature Polymarket branding and odds at Madison Square Garden. Supporters say prediction markets improve forecasting accuracy, while critics argue they are gambling platforms lacking consumer protections.
