Congressman Blake Moore announced on Apr. 14 the introduction of the Event Contract Enforcement Act, which aims to regulate event contracts in prediction markets and address potential safety and national security risks associated with such trading.
The legislation seeks to ensure that event contracts continue to serve legitimate business interests while protecting Americans from risks tied to betting on sensitive or problematic events. Moore published an opinion piece outlining his concerns about underregulated prediction markets and their impact.
In his piece, Moore said, “Just hours before the United States military strikes in Iran, more than 150 accounts made investments of over $1,000 in event contracts based on the timing of the strikes, with six traders together making more than $1.2 million.” He described how these markets allow traders to profit from outcomes related to terrorism, assassination, war or elections. “Our classified military strikes should not provide an opportunity for bettors to play and profit,” Moore said.
Moore explained that a loophole in federal law allows companies like Kalshi or Polymarket to offer event contracts outside state gambling regulations. He said this has led gambling companies such as FanDuel or DraftKings to supplement their businesses by offering prediction market products even where traditional sports betting is illegal. According to Moore, this situation creates opportunities for leaks and insider trading involving sensitive information.
He noted that Congress gave exclusive jurisdiction over derivatives markets to the Commodity Futures Trading Commission (CFTC) in 1974 and reaffirmed it after the 2008 financial crisis through the Dodd-Frank Act. However, since a court ruling limited CFTC’s authority after it tried blocking certain election-based contracts by Kalshi in 2023, event contract offerings have increased rapidly.
Moore stated he introduced HR7840—the bipartisan Event Contract Enforcement Act—to strengthen existing laws requiring CFTC prohibition of event contracts related to terrorism, assassination, war, gaming (including sports), criminal behavior and government activities such as elections. The bill also allows states flexibility regarding enforcement for sports-related contracts if they choose.
Blake Moore is currently serving in Congress representing Utah’s 1st district after replacing Rob Bishop in 2021 according to official records. He was born in Ogden, Utah in 1980 and lives in Salt Lake City as reported by congressional biography. Moore graduated from the University of Utah with a BA degree in 2005 according to university alumni records.
Moore concluded his piece saying Congress should act: “Congress should pass the Event Contract Enforcement Act to bring stability and integrity to prediction markets.”
