New York ORACLE Act Returns to Restrict Sports, Political and Death Prediction Markets

New York Assembly member Clyde Vanel has reintroduced the ORACLE Act, a bill seeking to curb which event contracts platforms like Kalshi and Polymarket can list in the state. The proposal would prohibit certain prediction markets tied to sports matches, political outcomes, deaths, catastrophic events and public company stock prices, while imposing fines of $1 million per day on noncompliant operators. It also requires platforms to offer user self-exclusion tools and limits on time and money spent.