BETS OFF Act
Gambling: Ban on Betting on War and Government Actions
The BETS OFF Act is currently in the early stages of the legislative process. It has been sent to three different House committees for review and is not yet scheduled for a vote. The bill is actively moving through the initial steps of consideration.
Part of: story →Legislative Progress
Key Points
- This bill makes it illegal to bet money on tragic or sensitive events. It specifically bans wagers on things like wars, terrorist attacks, and assassinations.
- The ban also covers betting on government decisions or events where someone already knows the outcome. This is meant to prevent people from profiting off of inside information or public crises.
- Standard insurance policies are still allowed. This includes crop insurance for farmers, flood insurance, and terrorism insurance. The bill makes sure that normal business protections are not affected by these new gambling rules.
- The Attorney General would have the power to sue anyone who sets up or takes part in these bets. It also stops financial trading platforms from listing these events for people to trade or bet on.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the Committee on the Judiciary, and in addition to the Committees on Agriculture, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
BETS OFF Act
Data Sources
Sponsor
Cosponsors
(6)Analysis generated by AI. Always verify with official sources.