US Lawmakers Push Bill to Ban Betting on War, Death, and Terrorism
Two US lawmakers have proposed a bill to stop betting on violent global events. The Death Bets Act, introduced by Representative Mike Levin and Senator Adam Schiff on 10 March 2023, targets prediction markets that allow wagers on war, terrorism, assassinations, or deaths. Supporters argue such bets raise serious ethical and security risks.
Prediction markets let users bet on real-world outcomes, with prices reflecting crowd expectations. Platforms like Polymarket have seen billions in trading, especially during events like the 2024 US elections. But critics warn these markets can turn tragedies into financial opportunities.
The bill, officially titled the *Discouraging Exploitative Assassination, Tragedy and Harm Betting in Event Trading Systems Act*, would ban contracts tied to violent events. It applies to any platform regulated by the Commodity Futures Trading Commission. Levin stated that betting on war or death has no place in legal markets. Supporters point to past incidents to justify the crackdown. Polymarket once hosted a contract on nuclear weapon detonations, which was removed after $650,000 in trades. Anonymous accounts also profited from bets on a US attack on Venezuela, raising suspicions of insider knowledge. Schiff warned that those with classified information could exploit such markets for personal gain. The proposal reflects broader unease about prediction markets in crypto and finance. Lawmakers aim to balance innovation with ethical boundaries, ensuring sensitive events remain off-limits for financial speculation.
If passed, the Death Bets Act would block regulated platforms from offering contracts on war, terrorism, or deaths. The move follows documented cases where betting on violent events led to ethical concerns and potential misuse of insider information. The bill's backers insist that financial markets should not incentivise real-world harm.
Read also:
- American teenagers taking up farming roles previously filled by immigrants, a concept revisited from 1965's labor market shift.
- Weekly affairs in the German Federal Parliament (Bundestag)
- Landslide claims seven lives, injures six individuals while they work to restore a water channel in the northern region of Pakistan
- Escalating conflict in Sudan has prompted the United Nations to announce a critical gender crisis, highlighting the disproportionate impact of the ongoing violence on women and girls.
