Nevada congressmen introduce House bill to ban sports event contracts
Nevada Democratic Rep. Steven Horsford and Republican Rep. Mark Amodei introduced the Prediction Markets Are Gambling Act on July 24, 2026. The bipartisan House bill would ban sports and casino-style event contracts on federally regulated prediction market platforms such as Kalshi and Polymarket. The legislation would preserve prediction markets tied to weather, economic, and financial outcomes while placing sports-related activities under state and tribal gaming authority. The bill joins a parallel Senate measure targeting the same segment of the industry.
Kalshi and Polymarket now face synchronized federal threats from both chambers of Congress. The House bill aligns with a Senate companion to void sports contracts nationwide before courts rule on state preemption. For traders, existing sports positions face forced closings if Congress acts, and no platform has guaranteed grandfathering language. Kalshi is already defending five state fights; adding a two-chamber congressional defense multiplies the strain.
DraftKings and Robinhood face identical exposure if the House and Senate align on final language. The CFTC's June proposal to allow sports contracts may be overridden before it becomes final. Either platform that builds credible compliance first may shape any ban's final form or deflect it entirely. Tribal interests are lobbying alongside lawmakers, adding sovereignty arguments that speed political momentum over administrative rulemaking.