The BETS OFF Act makes it illegal for anyone to bet on or trade in wagers related to major catastrophic events like terrorist attacks or assassinations. Think of it this way: right now, someone could theoretically place a bet on whether a terrorist attack will happen in a specific location, or bet on the outcome of a political assassination. This bill says that's not allowed anymore. The law applies to any bet, contract, or financial agreement where the outcome depends on these kinds of sensitive events—basically anything where the main characteristic isn't financial or economic in nature, but rather involves government actions or tragic events. The bill does carve out exceptions for legitimate insurance. If you have homeowner's insurance or flood insurance, that's still legal because you have a real financial interest in protecting your property. Similarly, terrorism insurance and crop insurance remain allowed. But speculative betting or trading on these catastrophic events crosses the line and becomes a federal crime. The Attorney General can sue anyone who violates this law to stop them from doing it. The law also updates existing federal gambling and commodities laws to make clear that this new prohibition is included in those regulations, so it gets enforced through multiple legal channels.

To prohibit any person from placing, accepting, or facilitating the placement or acceptance of a wager regarding a specified event, and for other purposes.