BETS OFF Act

This bill, known as the BETS OFF Act, would make it illegal for anyone to place, accept, or facilitate bets on specific events such as acts of terrorism, assassinations, wars, or government actions that are not primarily financial in nature. The law defines these prohibited events as those where the outcome is controlled by a person or known in advance, while explicitly excluding standard insurance products and federal risk programs from the ban. In addition to criminalizing the betting activity itself, the bill updates existing federal gambling laws to include these prohibited wagers under current anti-gambling statutes and prevents financial exchanges from clearing or trading contracts based on these specified events. The measure takes effect 30 days after it is signed into law and would be enforced through civil actions brought by the Attorney General.