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119-hr-7955119th CongressWALLET

BETS OFF Act

Sponsored By: Representative Casar, Greg [D-TX-35]

In Committee

Summary

A federal ban on wagering tied to sensitive government and security events. This bill makes it illegal to bet on acts of terrorism, assassinations, wars, or any event that is non-financial and is controlled or known in advance, and it folds that ban into criminal and financial-market rules.

Show full summary
  • Betting platforms and brokers: Makes it unlawful to place, accept, or facilitate wagers on the specified events and lets the Attorney General bring civil suits for injunctions.
  • Exchanges and market participants: Prohibits listing, clearing, or trading any contract, swap, index, measure, or data tied to those events on registered trading venues.
  • Federal enforcement and legal scope: Amends racketeering, illegal gambling, unlawful internet gambling, and commodity exchange provisions to cover these wagers while carving out ordinary insurance and federal programs, including the Terrorism Insurance Program, National Flood Insurance Program, and federal crop insurance. The law takes effect 30 days after enactment.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 1 costs, 1 mixed.

Ban on betting tied to sensitive events

This bill would make it illegal to place, accept, or help place wagers on defined "specified events." The Attorney General would be able to sue in federal court to get injunctions stopping that activity. The bill would also fold the ban into federal gambling and money-crime laws and would take effect 30 days after enactment.

Ban on event-linked trading and rules

This bill would stop registered U.S. exchanges and clearinghouses from listing or clearing contracts, swaps, or indexes tied to specified events. It would define "specified event" to include terrorism, assassination, war, and some government-controlled or known-in-advance outcomes. It would also exclude common insurance and reinsurance (state-law insurable interest, foreign reinsurance, and federal programs like flood, crop, and terrorism insurance) from being treated as banned wagers.

Sponsors & CoSponsors

Sponsor

Casar, Greg [D-TX-35]

TX • D

Cosponsors

  • Rep. Amo, Gabe [D-RI-1]

    RI • D

    Sponsored 3/17/2026

  • Rep. Ansari, Yassamin [D-AZ-3]

    AZ • D

    Sponsored 3/17/2026

  • Rep. Tlaib, Rashida [D-MI-12]

    MI • D

    Sponsored 3/17/2026

  • Rep. Magaziner, Seth [D-RI-2]

    RI • D

    Sponsored 3/24/2026

  • Rep. Moskowitz, Jared [D-FL-23]

    FL • D

    Sponsored 3/24/2026

  • Rep. Carson, André [D-IN-7]

    IN • D

    Sponsored 3/25/2026

  • Rep. Foushee, Valerie P. [D-NC-4]

    NC • D

    Sponsored 4/16/2026

Roll Call Votes

No roll call votes available for this bill.

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