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Senate Bill S8889

2025-2026 Legislative Session

Enacts the New York prediction market regulation act

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Current Bill Status - In Senate Committee Banks Committee

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2025-S8889 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 10 §§1000 - 1004, Fin Serv L

2025-S8889 (ACTIVE) - Summary

Requires a license from the department of financial services to operate a prediction market; defines "prediction market" as any platform, electronic or physical, that allows participants to place wagers, trades, or financial positions on the outcome of future events, including but not limited to political, economic, weather, or other contingencies, where payouts are tied to event outcomes; provides for standards of conduct and enforcement authority by the department of financial services.

2025-S8889 (ACTIVE) - Sponsor Memo

2025-S8889 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8889
 
                             I N  S E N A T E
 
                             January 13, 2026
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to licensing and
   regulation of prediction market platforms
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This act shall be known and may be cited as the "New York
 prediction market regulation act".
   § 2. The financial services law is amended by adding a new article  10
 to read as follows:
                                ARTICLE 10
                       PREDICTION MARKET REGULATION
 SECTION 1000. DEFINITIONS.
         1001. LICENSE REQUIRED.
         1002. APPLICATION AND QUALIFICATION.
         1003. STANDARDS OF CONDUCT.
         1004. ENFORCEMENT AUTHORITY.
   § 1000. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "PREDICTION  MARKET"  MEANS  ANY PLATFORM, ELECTRONIC OR PHYSICAL,
 THAT ALLOWS PARTICIPANTS TO PLACE WAGERS, TRADES, OR FINANCIAL POSITIONS
 ON THE OUTCOME OF FUTURE EVENTS, INCLUDING BUT NOT LIMITED TO POLITICAL,
 ECONOMIC, WEATHER, OR OTHER CONTINGENCIES, WHERE  PAYOUTS  ARE  TIED  TO
 EVENT OUTCOMES.
   2. "OPERATOR" MEANS ANY ENTITY THAT OWNS, CONTROLS, MANAGES, OR OTHER-
 WISE PROVIDES ACCESS TO A PREDICTION MARKET.
   3.  "PARTICIPANT"  MEANS  ANY PERSON WHO ACCESSES OR USES A PREDICTION
 MARKET TO PLACE WAGERS OR FINANCIAL POSITIONS.
   § 1001. LICENSE REQUIRED. NO PERSON OR ENTITY SHALL OPERATE A  PREDIC-
 TION  MARKET  ACCESSIBLE TO NEW YORK RESIDENTS WITHOUT FIRST OBTAINING A
 LICENSE FROM THE DEPARTMENT IN ACCORDANCE WITH THIS ARTICLE.
   § 1002. APPLICATION AND QUALIFICATION. 1. A PREDICTION MARKET OPERATOR
 SEEKING LICENSE SHALL SUBMIT TO THE DEPARTMENT:
   (A) BUSINESS INFORMATION AND FINANCIAL STATEMENTS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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