Pennsylvania Bill Could Bar Sportsbooks from Participating in Prediction Market-Making
A bipartisan group of lawmakers in Pennsylvania introduced House Bill 2711, which could prohibit gambling companies, including sportsbooks, from serving as liquidity providers or market makers on prediction market platforms. The bill aims to separate prediction market infrastructure from gambling entities. It would ban platforms from contracting or sharing revenue with companies engaged in gambling and imposes consumer protections, including age restrictions and bans on markets related to minors, health, and death. Unlike proposals in other states, it seeks to regulate rather than ban prediction markets, focusing on restricting liquidity sources. The bill contrasts with another Pennsylvania proposal (HB 2497) that would license and tax such platforms. This legislative push occurs amid a national debate over whether prediction contracts are gambling or financial derivatives, following a recent federal court ruling that federal commodity law preempts state gambling laws for CFTC-registered exchanges.
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