In New York, Assemblyman Clyde Vanel reintroduced the ORACLE Act, originally introduced in November, one day before Polymarket signed a sponsorship deal with the NHL‘s New York Rangers. The bill prohibits prediction markets from offering bets on individual sporting events, such as Thursday’s game between the Rangers and the Buffalo Sabres.
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However, the legislation allows these platforms to maintain bets on complete tournament outcomes. Additionally, the proposal extends its restrictions to bets on political outcomes, mass shootings, life expectancy, and war conflicts.
Sports Betting Dominates Trading Volume in New York
Data from the analytics platform Dune reveals that sports betting accounts for nearly 37% of the notional trading volume on Polymarket. On Kalshi, another platform that backs prediction market offerings from Robinhood and Coinbase, sports betting reaches 93% of the total volume. Between the two companies, Kalshi’s notional trading volume exceeded $2.3 billion.
These numbers show that sports betting is the main source of revenue for prediction markets, which explains these platforms’ interest in keeping this category operational.
Polymarket Gains Exclusive Presence at Madison Square Garden
The agreement between Polymarket and the Rangers, announced by Madison Square Garden Sports (MSGS), grants the prediction market exclusive rights to display odds during games at Madison Square Garden. The brand will appear through LED signage around the hockey rink, have a dedicated segment after each game, and its logo will be displayed on the exterior of the Manhattan arena.
“Polymarket becomes not only an official partner of the Rangers but will also participate through digital channels, fan activations, and promotions during Rangers games,” stated Jamaal Lesane, CFO of MSG Sports.
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Debate on Legitimacy and Consumer Protection
Proponents of prediction markets argue that these platforms offer more accurate forecasts than traditional polls, as they are based on real money and aggregated public opinion. However, critics point out that they operate as illegal betting platforms lacking basic consumer protections.
The ORACLE Act contemplates fines of one million dollars for each day a prediction market operates in New York after receiving a cease and desist order. Other minor infractions can result in civil penalties of up to $10,000.
Self-Regulation Measures and Access Restrictions
The legislation requires platforms to include tools for users to voluntarily limit their betting time. It also imposes age restrictions and prohibits the use of credit cards to fund bets.
In parallel, Vanel proposed another bill in April that directs the New York State Board of Elections to study the use of blockchain technology to protect election results and voter records. Bill A7716 is currently under review by the Election Law Committee.
At the federal level, Representative Ritchie Torres introduced a bill this week that prohibits federal employees from participating in prediction markets when they possess insider information. However, some experts like Loxley Fernández, co-founder of DASTAN, believe this feature could be valuable rather than problematic.
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