New York Assemblyman Clyde Vanel reintroduced the ORACLE Act, which would restrict prediction markets, particularly targeting prop bets on specific games, just before Polymarket partnered with the New York Rangers. The legislation allows bets on broader tournaments but bans gambling on political outcomes and catastrophic events. Prediction markets must implement self-exclusion features and enforce age restrictions, with severe penalties for violations. Advocates argue these markets enhance accuracy in forecasts, while critics see them as unregulated gambling platforms.
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