TLDR Pennsylvania Rep. Tarik Khan introduced HB 2711 to regulate prediction markets in the state The bill would not tax, license, or ban sports event contracts Oversight would move to the state attorney general instead of the gaming control board The bill would block sportsbooks like FanDuel and DraftKings from also running prediction markets The timing is unusual since courts keep siding with federal oversight over state law
Pennsylvania lawmakers are looking at a new way to handle prediction markets. Rep. Tarik Khan, a Philadelphia Democrat, introduced House Bill 2711 this year. The bill would add consumer protection rules for platforms like Kalshi and Polymarket.
HB 2711 does not tax prediction markets. It does not require a license. It also does not ban sports event contracts, which some states have tried to stop.
Attorney Doug Mishkin of BCLP Sports, Entertainment & Media told Gambling Insider the bill could still matter. He said it might act as a first step, similar to how daily fantasy sports and sports betting were eventually regulated instead of banned.
What the Bill Would Change
The bill would set a minimum player age of 21. It would also add insider trading rules for people using these platforms.
Political event contracts tied to topics like assassinations or death would be banned under the bill. Oversight would shift to the Pennsylvania attorney general instead of the Pennsylvania Gaming Control Board, which currently handles casino and sports betting rules.
An earlier bill, HB 2497, took a different approach. It called for state licensing and a 22 percent tax on revenue, lower than the 36 percent tax on sports betting in the state.
One part of HB 2711 stands out. It would stop companies from offering prediction markets in Pennsylvania if any part of their business also