Prediction Markets Are Gambling Act

This Act may be cited as the Prediction Markets Are Gambling Act.
Section 5c(c) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)) is amended by adding at the end the following:
In this paragraph:
The term casino-style game means any game traditionally found in a casino, including slot machine games, video poker, blackjack, roulette, craps, any other casino-style table game, bingo, lottery, and any simulation of any of those games.
The term sporting event or athletic competition means any live or virtual contest involving physical activity or skill in which individuals or teams compete and performance determines an outcome or statistical result, including amateur, collegiate, and professional sports.
Notwithstanding any other provision of this section, no agreement, contract, or transaction relating to any sporting event or athletic competition or any casino-style game may be listed or made available for clearing or trading on or through a registered entity.
Nothing in this Act shall be construed to preempt any State law or rule that regulates or prohibits any agreement, contract, or transaction relating to any sporting event or athletic competition or any casino-style game.
Paragraph (6)(B) of section 5c(c) of the Commodity Exchange Act (7 U.S.C. 7a–2(c)) (as added by subsection (a)) shall apply to any agreement, contract, or transaction entered into on or after the date of enactment of this Act.