Utah Lawmakers Seek to Curb Betting on Prediction Markets

Reps. Blake Moore and John Curtis introduce bills to ban certain types of event contracts on prediction markets

Mar. 29, 2026 at 4:03pm

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Utah Reps. Blake Moore and John Curtis are pushing for new legislation to regulate online prediction markets, which have allowed users to bet on events like military strikes and political outcomes. Moore's bill would ban trading contracts based on wars, illegal activity, elections, and sports, while Curtis has introduced separate bills to prevent federal officials from using insider information to profit on these markets and to restrict certain types of casino-style betting.

Why it matters

Prediction markets have raised concerns about potential insider trading and the ability to profit from events like wars and terrorist attacks. Utah leaders see these markets as a form of gambling that should be restricted, especially to protect young people from having easy access to what they view as a 'casino' on their phones.

The details

Moore's bill, the Event Contract Enforcement Act, would prohibit several types of event contracts on prediction markets, though it would allow states to exempt themselves so residents could still participate. Utah is one of several states that prohibit sports betting, but prediction markets have been able to operate there because they are regulated as commodity traders. Curtis has introduced two separate bills - one to ban federal officials from using insider information to bet on prediction markets, and another to prevent the markets from offering contracts resembling sports betting or casino games.

  • In late February 2026, traders on prediction markets wagered millions on potential U.S. military strikes against Iran.
  • In March 2026, Rep. Blake Moore introduced the Event Contract Enforcement Act to ban certain types of event contracts on prediction markets.
  • On March 29, 2026, Utah Gov. Spencer Cox signed a state bill cracking down on sports betting, saying 'gambling has no place in Utah'.
  • Also on March 29, 2026, Sen. John Curtis introduced a bipartisan bill to prevent federal officials from using insider information to profit on prediction markets.

The players

Blake Moore

A Republican U.S. Representative from Utah who introduced a bill to ban betting on prediction markets for events like wars, terrorist attacks, and elections.

John Curtis

A Republican U.S. Senator from Utah who introduced two bills to regulate prediction markets, including one to prevent federal officials from using insider information to profit on these markets.

Spencer Cox

The Republican Governor of Utah who signed a state bill cracking down on sports betting, saying 'gambling has no place in Utah'.

Derek Brown

The Republican Attorney General of Utah who has been outspoken in comparing prediction markets to traditional betting.

Salud Carbajal

A Democratic U.S. Representative from California who is cosponsoring Rep. Blake Moore's bill to ban certain types of event contracts on prediction markets.

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What they’re saying

“I have four young boys, 13 and under. I worry that they could potentially have a casino associated with their phone in their pocket, and that terrifies me.”

— Blake Moore, U.S. Representative

“Public service should not be a pathway to private gain. Our bipartisan legislation ensures that insider trading rules apply to prediction markets and removes any ambiguity in how those rules are enforced — underscoring a basic expectation that those entrusted with sensitive information cannot use it for personal profit.”

— John Curtis, U.S. Senator

“We've seen the damage this gambling technology can cause, including addiction and financial loss for individuals and families. HB243 ensures proposition bets are treated as gambling under Utah law, bringing clarity to people, communities and law enforcement.”

— Spencer Cox, Governor of Utah

What’s next

The bills introduced by Reps. Moore and Curtis will now go through the legislative process, where they will need to gain support from other lawmakers in order to be passed into law.

The takeaway

This issue highlights the growing concerns around prediction markets and their potential to enable betting on sensitive events like wars, terrorist attacks, and elections. Utah's leaders are taking a firm stance against these markets, seeing them as a form of gambling that should be restricted, especially to protect young people. The outcome of these legislative efforts could set an important precedent for how prediction markets are regulated at the federal and state levels.