Prediction Markets Are Gambling Act

This bill amends the Commodity Exchange Act to prohibit certain event contracts involving sports and casino-style games. Sec. 2, Prohibition on certain event contracts involving sports and casino-style games: This section adds a new paragraph to the Commodity Exchange Act that defines 'casino-style game' as games traditionally found in casinos, including slot machines, video poker, blackjack, roulette, craps, other table games, bingo, lottery, and simulations of these games. It defines 'sporting event or athletic competition' as any live or virtual contest involving physical activity or skill where performance determines an outcome, including amateur, collegiate, and professional sports. The section prohibits any agreement, contract, or transaction related to any sporting event or athletic competition or any casino-style game from being listed or made available for clearing or trading on or through a registered entity. It also states that nothing in the Act preempts any State law that regulates or prohibits such agreements, contracts, or transactions. The prohibition applies to any agreement, contract, or transaction entered into on or after the date of enactment.