New Jersey senator introduces bill to regulate and ban certain prediction markets
The bill proposes to ban unregulated prediction markets and requires that any markets involving athletic events operate under the state’s sports betting laws.
US.- New Jersey Senate President Pro Tempore Shirley K. Turner has introduced S-3692. The bill proposes a ban on unregulated prediction markets in the state. It would also require that any markets involving athletic events operate under the state’s existing sports betting laws.
Under the bill, prediction markets involving political elections, deaths, or catastrophic events would be banned. Contracts tied to sports events would only be allowed via licensed sports betting operators.
The legislation would also establish consumer protection standards, anti-fraud requirements, and transparency measures, and authorise the Attorney General to seek injunctive relief and civil penalties against operators that violate the law.
Senator Turner said: “New Jersey already has a comprehensive, tightly regulated sports betting system that prioritizes consumer protection, responsible gaming, and transparency. Allowing prediction markets to offer similar wagering opportunities without those same guardrails creates an uneven playing field and exposes residents to unnecessary risk.
“New Jersey should never allow people to profit from human suffering or turn our democratic process into a betting market. When money is tied to outcomes, it creates incentives for manipulation and abuse, whether involving elections, public discourse, or sporting events. If a company is offering products that look and function like sports betting, they should be subject to the same rules, oversight, and responsibility to protect consumers. This legislation draws a clear line between innovation and exploitation.”
