Senator Turner Introduces Bill to Regulate and Prohibit Certain Prediction Markets in New Jersey TRENTON – To protect consumers and preserve the integrity of New Jersey’s established sports betting system, Senate President Pro Tempore Shirley K. Turner (D-Mercer/Hunterdon) today announced the introduction of S-3692, legislation that would prohibit unregulated prediction markets in New Jersey and require[...]
Senator Turner Introduces Bill to Regulate and Prohibit Certain Prediction Markets in New Jersey TRENTON – To protect consumers and preserve the integrity of New Jersey’s established sports betting system, Senate President Pro Tempore Shirley K. Turner (D-Mercer/Hunterdon) today announced the introduction of S-3692, legislation that would prohibit unregulated prediction markets in New Jersey and require that any markets involving athletic events operate under the State’s existing sports betting laws. Prediction markets allow participants to purchase “event contracts” tied to the outcome of future events. While often marketed as federally regulated financial products, many operate in practice as gambling platforms, particularly when offering contracts based on sports outcomes, yet function outside New Jersey’s established gaming regulatory framework. “New Jersey already has a comprehensive, tightly regulated sports betting system that prioritizes consumer protection, responsible gaming, and transparency,” said Senator Turner. “Allowing prediction markets to offer similar wagering opportunities without those same guardrails creates an uneven playing field and exposes residents to unnecessary risk.” Under the bill, prediction markets involving political elections, deaths, or catastrophic events would be prohibited. Any market offering contracts tied to athletic events would be required to obtain proper licensure or partner with a licensed sports betting operator in the State. The legislation would also establish consumer protection standards, anti-fraud requirements, and trans