House Republicans are preparing to add prediction market restrictions to a stalled bill banning congressional stock trading, as scrutiny intensifies over whether lawmakers should be allowed to bet on elections or policy outcomes.
House Administration Committee Chair Bryan Steil plans to attach the provisions to H.R. 7008 before it reaches the floor, according to Bloomberg Government. Steil expects House leaders to schedule a vote this summer, combining stock trading limits with new curbs on prediction market use by lawmakers.
Steil's proposal does not ban prediction markets outright. Bets on sports or entertainment, like the Super Bowl, would remain allowed, while contracts tied to elections or public policy would be restricted. Steil acknowledged the House still lacks clear rules on the matter.
Separately, a Politico report found that influencers promoted Polymarket after receiving payments linked to the company's chief marketing officer, Matthew Modabber. PayPal records show at least $350,000 routed through Modabber's personal account, part of over $2.5 million in payments to hundreds of recipients over 14 months. At least 20 creators later posted about Polymarket on X without disclosing financial ties.
Polymarket gained attention after users successfully bet on Donald Trump's 2024 election victory. Prediction markets continue to face regulatory pushback across multiple jurisdictions over election contracts, gambling concerns, and alleged insider trading.