A bipartisan duo from Nevada is pushing a new bill through Congress targeting prediction markets in an effort to curb their influence in sports betting. On Wednesday, Rep. Steven Horsford (D-NV), alongside Rep. Mark Amodei (R-NV), introduced the HR 9856 bill, known as the Prediction Markets Are Gambling Act. The proposal seeks to amend the Commodity Exchange Act, making it illegal for federally regulated prediction markets to offer contracts related to casino games or sports events. The legislation has been forwarded to the House Committee on Agriculture, but it remains uncertain when deliberations will proceed given Congress’s impending summer break.
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Defining the Scope of the Bill
The language in the bill leaves no room for ambiguity, aiming to encapsulate all possible gaming avenues under the federal ban. It defines casino-style games broadly, covering “any game traditionally found in a casino,” such as slots, various table games, bingo, and even lottery simulations. Similarly, the term “sporting event or athletic competition” is described as including competitions involving physical skill, ranging from amateur to professional sports. However, the bill makes it clear it won’t override state laws that regulate or ban these types of gaming activities.
Nevada’s Resistance to Prediction Markets
Nevada, home to the U.S.’s gambling capital, has notoriously opposed prediction markets encroaching on traditional sports betting. The Nevada Gaming Control Board has taken a firm stand, warning operators about risking their licenses if they dig into prediction markets. This hardline approach led FanDuel to relinquish its license last year, while DraftKings withdrew its pending application. The policy keeps major Las Vegas players like Caesars and MGM from dabbling in the prediction market scene, despite their active sportsbooks in states where such markets flourish legally.
Implications and Industry Context
While the bill articulates federal intentions, it stops short of invalidating state-enforced regulations on gambling, acknowledging the complexity of patchwork state laws. In states where sports betting is legal, prediction markets have been viewed as both a competitor and a potential tool for broader engagement. And whether the federal push will impact these state-regulated markets — or influence public sentiment against them — is still up in the air. The committee is expected to address the bill when Congress reconvenes post-recess, though the timeline for further consideration remains uncertain.
Marcus Chen brings a quantitative approach to poker strategy and sports betting analysis. With a background in data analytics and over eight years covering professional poker circuits, his articles combine statistical insights with practical advice for serious players looking to sharpen their edge at the table.
