State Rep. Tarik Khan, D-Philadelphia, has garnered bipartisan support to introduce House Bill 2711, which aims to ban insider trading and implement consumer protections for prediction markets. 

Prediction markets across the country have been offering sports-related contracts, similar to Pennsylvania sportsbooks.

However, prediction markets are federally regulated and are not subject to the same procedures as legal sports wagering sites. Khan delivered on the promises that were in his memo back in May, which addresses the insider trading and consumer protection concerns. The bill has been referred to the Consumer Protection, Technology and Utilities committee.

HB 2711 would add a new Chapter 20, “Prediction Markets,” to Title 4 of the Pennsylvania Consolidated Statutes. It’s the same title that governs the state’s casino and gaming industry. While the bill addresses several matters, Khan made it a point to target insider trading.