Utah Senate committee approves bill to ban proposition betting
HB243 would prohibit betting on specific events.
US.- The Utah Senate Business and Labor Committee has unanimously approved a bill that proposes to ban proposition betting. HB243, sponsored by Rep. Joseph Elison, R-Toquerville, will expand the state’s existing constitutional ban on gambling by adding a definition of proposition betting as a “gambling bet on an individual action, statistic, occurrence, or non-occurrence.”
Elison told the Utah News Dispatch: “It’s a huge gray area and there’s lots of lawsuits all over the country right now … debating this very thing, trying to find out what are the actual definitions. They’re flying under what’s called prediction markets, and prediction markets are regulated by the Federal Commodities Exchange. That’s why they’re able to do it.”
