S. 4115: Banning Event Trading on Sensitive Operations and Federal Functions Act
This bill, known as the Banning Event Trading on Sensitive Operations and Federal Functions Act or the BETS OFF Act, aims to prohibit wagering on specific types of events that are deemed sensitive or significant in nature. Here’s a breakdown of its key provisions:
Definitions
1. **Specified Event**: This term refers to particular occurrences, including:
- An act of terrorism
- An assassination
- A war
- Any event that is not primarily financial, commercial, or economic, and is controlled by a government or known in advance by someone.
2. **Wager**: A wager is defined as the act of risking something of value on the outcome of an event. However, it excludes legal insurance products as defined by various state and federal laws (e.g., terrorism insurance, flood insurance).
Prohibited Conduct
The bill makes it unlawful for any person to:
- Place, accept, or facilitate a wager on a specified event.
The Attorney General is given the authority to initiate civil actions to seek injunctive relief against individuals or entities that violate this prohibition.
Amendments to Existing Laws
- It clarifies gambling laws to include conduct prohibited by the new act.
- It amends the laws relating to illegal gambling businesses to incorporate this prohibition.
- It adjusts the definition of unlawful internet gambling funding to encompass the activities restricted by this act.
- It ensures that no agreements or contracts regarding specified events can be traded or cleared through registered entities.
Severability and Effective Date
If any part of this bill is found to be unconstitutional, the remaining provisions will still be enforceable. The law is set to take effect 30 days after it is enacted.
Relevant Companies
None found.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
3 bill sponsors
Actions
2 actions
| Date | Action |
|---|---|
| Mar. 17, 2026 | Introduced in Senate |
| Mar. 17, 2026 | Read twice and referred to the Committee on the Judiciary. |
Corporate Lobbying
0 companies lobbying
None found.
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Potentially Relevant Congressional Stock Trades
No relevant congressional stock trades found.