New York Bill Aims to Restrict Sports and Political Prediction Markets
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 09 2026- Legislative Move: New York Assemblyman Clyde Vanel has reintroduced the ORACLE Act, aiming to ban event contracts linked to sports, politics, and the stock market, reflecting increasing regulatory scrutiny over prediction markets.
- Market Impact: The bill specifically targets sports event contracts, prohibiting bets tied to specific match outcomes, which is expected to significantly affect revenues for platforms like Kalshi and Polymarket, especially given Foresight Ventures' finding that 90% of Kalshi's volume is sports-related.
- Regulatory Challenges: Prediction market platforms are facing challenges from regulators in multiple states, with Kalshi suing the New York State Gaming Commission, claiming it is regulated under federal law, highlighting the tension between the industry and regulatory bodies.
- Self-Exclusion Requirements: The bill mandates platforms to provide mechanisms for user self-exclusion and limit user time and spending on the platform, with non-compliance resulting in fines of $1 million per day, further intensifying operational pressures on the market.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
