New York State Legislature Reintroduces ORACLE Act to Regulate Event-Based Contracts

According to PANews, the New York State Legislature has reintroduced the ORACLE Act in November 2025, aiming to regulate event-based contracts through the addition of Chapter 48, 'Prediction Markets,' to the General Business Law. The proposed legislation seeks to prohibit contracts related to political and sports events, while also establishing age restrictions, market entry conditions, advertising limitations, and anti-manipulation clauses. Although the ban covers specific types of events, contracts with neutral outcomes, such as 'league wins and losses,' may still be permissible. This indicates that regulators are attempting to strike a balance between fostering innovation and managing risks.