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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Wager

Staking or risking something of value on the outcome of an event, with the understanding that a gain will be received if a certain outcome occurs. It specifically excludes certain types of insurance.

Specified event

A category of events that are prohibited from being wagered upon. This includes acts of terrorism, assassinations, wars, or any non-financial event involving government action, or an outcome that is controlled by someone, or known in advance.

Injunctive relief

A court order that compels a party to do or refrain from doing specific acts. In this context, it would mean stopping someone from engaging in prohibited wagering activities.

Registered entity

An organization or exchange, such as a futures exchange, that is regulated by the Commodity Futures Trading Commission (CFTC) under the Commodity Exchange Act.

McCarran-Ferguson Act

A federal law from 1945 that generally gives states the authority to regulate the business of insurance, rather than the federal government.

Racketeering enterprises

Organized criminal activity, often involving illegal businesses like gambling, that are prohibited under federal law.