BETS OFF Act

The BETS OFF Act would make it illegal for any person to place, accept, or facilitate bets on what the bill calls "specified events." These specified events include actions taken by government officials or units of government, outcomes that are completely controlled by a person, or outcomes known in advance. The bill would treat violations as a form of illegal gambling and allow the Attorney General to pursue civil lawsuits against violators.

The legislation would also amend existing federal gambling laws to incorporate these new prohibitions. It would prevent financial derivatives, swaps, and other contracts related to these specified government events from being listed or traded on registered exchanges. The bill aims to prevent betting markets that could create incentives to manipulate government decisions or outcomes, and to close potential loopholes in existing gambling regulations.