House Bill 5038 aims to introduce age restrictions and advertising bans for prediction markets in Connecticut. The new legislative bill defines prediction markets as any service that lets consumers open speculative positions on future events and requires platforms to apply 21+ age restrictions and ensure that a user is physically in the state before opening
House Bill 5038 aims to introduce age restrictions and advertising bans for prediction markets in Connecticut.
The new legislative bill defines prediction markets as any service that lets consumers open speculative positions on future events and requires platforms to apply 21+ age restrictions and ensure that a user is physically in the state before opening an account.
If the operator finds that an underage person has opened an account, it must be suspended, and the user’s position must be closed. The funds should also be returned, and access must be denied until the person is 21. Voluntary self-exclusion tools must also be in place and allow users to set spending limits or self-exclude from opening new accounts.
Advertising restrictions will include no ads to residents under 21, no images, endorsements, or language targeting the under-21 age group, and no advertising on college campuses.
If operators violate the rules, the Attorney General can issue penalties of up to $10,000, and the fines can go up to $50,000 for repeat offenses.
The Department of Consumer Protection would have the authority to establish and implement regulations. If passed, the bill would take effect on July 1, 2027.
During a public hearing on February 18, 2026, the Department of Mental Health and Addiction Services, the National Alliance on Mental Illness, the Connecticut Lottery Corporation, and Governor Ned Lamont’s office all supported the bill.