Horsford and Amodei Introduce Bipartisan Bill to Ban Sports Prediction Market Contracts and Protect Jobs

WASHINGTON D.C. – Congressman Steven Horsford (NV-04) and Congressman Mark Amodei (NV-02) introduced the Prediction Markets Are Gambling Act, a bipartisan bill stop federally regulated trading platforms from offering sports betting and casino-style gambling under the guise of financial products.

The legislation makes clear that the Commodity Futures Trading Commission (CFTC) oversees legitimate financial markets - not sportsbook-style gambling or casino games. It closes a federal loophole that allows companies to bypass the licensing requirements, consumer protections, tax obligations, and regulatory oversight that apply to legal gaming operators. Sens. Adam Schiff (D-CA), John Curtis (R-UT), and Catherine Cortez Masto (D-NV) introduced companion legislation in March 2026.

"This is about protecting jobs, protecting consumers, and protecting the integrity of our gaming industry," Rep. Horsford explained. "Nevada has always been the gold standard for gaming regulations. These companies are exploiting a federal loophole that allows them to effectively sidestep state oversight that every other legal sportsbook must follow. They've already cost states over $1 billion in lost gaming tax revenue money that should have gone toward funding schools, roads, and critical programs. That's why I introduced this bill to close the loophole, hold these companies to the same standard, and protect Nevadans." 

“Gaming policy has long been the responsibility of states and tribes, not unelected federal regulators,” said Rep. Amodei. “This bipartisan bill closes a federal loophole that allows sports betting to masquerade as financial trading and ensures legitimate event contracts remain under the CFTC’s jurisdiction.”

“Sports prediction contracts are sports bets — just with a different name.” said Senator Schiff. “And yet, these contracts have been offered in all fifty states in clear violation of state and federal law. Rather than enforce the law, the CFTC is greenlighting these markets and even promoting their growth. It’s time for Congress to step in and eliminate this backdoor which violates state consumer protections, intrudes upon tribal sovereignty, and offers no public revenue. I’m proud to partner with Senator Curtis, and Representatives Horsford and Amodei to put a stop to these illegal markets,” 

“Too many young people in Utah are getting exposed to addictive sports betting and casino-style gaming contracts that belong under state control, not under federal regulators,” said Senator Curtis. “This bipartisan legislation clarifies regulatory jurisdiction, ensuring that states can maintain their authority over sports betting and casino gaming. The Prediction Markets Are Gambling Act is about respecting states’ authority, protecting families, and keeping speculative financial products out of spaces where they don’t belong.”

“This important bill reinforces Congressional intent that gaming is governed by state and tribal law.” said AGA CEO and President Bill Miller. "The AGA applauds Representatives Horsford and Amodei for introducing the companion legislation to Senators Schiff and Curtis. Together, these bills represent a bipartisan and bicameral effort to protect consumers, uphold state and tribal authority on regulating gaming, and stop so-called “prediction markets” from offering backdoor sports betting that is siphoning billions of dollars in tax revenue from local communities across America.”

“Prediction market gambling is threatening the livelihoods of over 100,000 UNITE HERE members who work in Tribal and commercial casinos across the country,” said Gwen Mills, President, UNITE HERE. “Our union has achieved a life-changing standard of wages and benefits in the gaming industry. Congress must take immediate action to explicitly ban prediction market sports betting and casino games and reaffirm that gaming is governed by Tribal and state authorities. We thank Representatives Horsford and Amodei for standing with casino workers and their families.” 

“We applaud Representatives Steven Horsford and Mark Amodei for introducing the Prediction Markets are Gambling Act in the US House.” said Culinary Union Secretary-Treasurer Ted Pappageorge. “In Nevada, prediction markets are threatening the jobs of 60,000 Culinary Union members who are employed at casino resorts on the Las Vegas Strip, in Downtown Las Vegas, and in Reno. We thank Senator Adam Schiff for his leadership and Senators Catherine Cortez Masto and John Curtis for co-sponsoring the Prediction Markets Are Gambling Act in the Senate. Culinary Union members have organized for nine decades for hospitality jobs to be good union jobs with fair wages, the best family health care benefits, and a guaranteed retirement pension. We will not let out-of-state prediction market companies gamble that away. Congress must stand with hospitality workers and pass the Prediction Markets Are Gambling Act.” 

What the Bill Does:

• Draws a Clear Line Between Gambling and Hedging: Prohibits sports and casino-style event contracts on federally registered exchanges. A wager on the Super Bowl does not become a financial product simply because it is offered through a trading app.
• Protects Legitimate Event Contracts: Bona fide hedging instruments – weather, economic, and similar contracts – remain untouched. A Los Angeles ice cream shop owner made headlines this week for using weather contracts to offset lost sales on cold days, covering nearly half his monthly rent. That's hedging, and it stays under CFTC jurisdiction.
• Restores States' Rights and Tribal Sovereignty: Includes an explicit rule of construction that nothing in federal law preempts state or tribal authority over gaming. States and tribes remain free to set and enforce their own gaming policies.
• Ends Wasteful Rulemaking: By resolving the issue directly in statute, Congress avoids years of costly CFTC rulemaking and the litigation that would likely follow.

Congressman Horsford is also a cosponsor of H.R.7004, Public Integrity in Financial Prediction Markets Act, to prohibit federally elected officials and government employees from using insider information to bet on a prediction market contract.

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