A New York lawmaker introduced a state bill on Friday that would regulate prediction-market platforms such as Kalshi, wanting to place limits on the increasingly popular sector over concern that companies are operating afoul of state sports-betting laws.
Clyde Vanel (D), chairman of the Assembly Banks Committee, said in an interview that his bill (A.B. 9251) would create a statute for state regulators to lean on if they want to impose some guardrails against the fledgling industry, giving the state attorney general’s office the power to crack down on offenders.
While online sports betting is legal in New ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.