Congress Wants to Ban Betting on Oscars Like It's Insider Trading in the Kremlin

KEY POINTS

•Sen. Chris Murphy and Rep. Greg Casar introduced the BETS OFF Act on Tuesday to regulate prediction markets.
•The bill bans trading on sensitive topics like terrorism, government actions, and events with insiders like the Oscars.
•Kalshi fought insider trading by fining a MrBeast editor, while Polymarket mostly sidesteps U.S. rules.

On an epic Tuesday, Sen. Chris Murphy of Connecticut and Rep. Greg Casar of Texas launched the 'BETS OFF Act' — the world's driest take on making Oscars and Super Bowl halftime show bets illegal, because obviously betting against those with insider info is like rigging a poker game with all the subtlety of a gangster in a candy store. Murphy ranted about $105 million bet on this year’s Oscars (up from $30 million last year), crying foul over rigged markets on everything from war in Iran to who gets the final Oscar. Kalshi, which recently sicced fines on a MrBeast editor for cheating, claims to be an honest broker, while Polymarket just did its usual international shrug, ignoring U.S. concerns entirely. The proposed law even threatens to throw offshore bettors to the wolves with criminal penalties—because nothing says fun like threatening your neighbors for guessing Best Picture.