Pennsylvania Plans Legislation to Exclude Gambling Companies from Prediction Market Makers
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Pennsylvania Plans Legislation to Exclude Gambling Companies from Prediction Market Makers
According to Bitcoin.com, Pennsylvania State Representative Tarik Khan introduced Bill HB 2711 on July 22, co-sponsored by 24 legislators from both parties (20 Democrats, 4 Republicans). The bill proposes to prohibit gambling companies and their affiliates from acting as market makers or liquidity providers in prediction markets, and requires platforms not to enter into contracts or share revenue with gambling enterprises. The bill also sets a minimum participation age of 21, prohibits contracts involving high school sports, events for minors, personal health conditions, and "death markets," with enforcement authority vested in the Attorney General. If passed, this measure will directly impact traditional gambling giants such as DraftKings (including its DKeX exchange) and Flutter, which have already established prediction market making operations. Currently, the bill has not yet undergone committee voting or hearings.
Navigating Web3 tides with focused insightsTechFlow news, July 28, according to Bitcoin.com, Pennsylvania State Representative Tarik Khan introduced HB 2711 bill on July 22, co-sponsored by 24 legislators from both parties (20 Democrats, 4 Republicans). The bill proposes to prohibit gambling companies and their affiliates from acting as market makers or liquidity providers in prediction markets, and requires platforms not to sign contracts or share revenue with gambling enterprises.
The bill also sets a participation threshold of over 21 years old, prohibits contracts involving high school sports, events involving minors, personal health conditions, and "death markets," with enforcement authority belonging to the Attorney General. If this measure passes, it will directly impact traditional gambling giants like DraftKings (including its DKeX exchange) and Flutter that have already established prediction market making operations. Currently, the bill has not yet undergone committee voting or hearings.
