The bill introduced by Representative Brennan seeks to amend sections 102.01, 102.06, and 102.99 of the Revised Code and enact section 102.032, which prohibits public officials and employees in Ohio from participating in prediction markets. The new legal language defines "event contract" and "prediction market," clarifying that prediction markets involve trading event contracts while excluding licensed sports gaming. The bill outlines specific prohibitions for public officials and employees, including maintaining accounts on prediction markets and disclosing confidential information to influence trades. It also restricts high-ranking officials, such as members of the general assembly and judicial officers, from having financial interests in entities operating prediction markets, although investments through mutual funds or blind trusts are permitted.

Additionally, the bill introduces new penalties for violations of section 102.032, establishing a maximum fine of ten thousand dollars per violation and allowing courts to order convicted individuals to pay investigation and prosecution costs. It also specifies that the statute of limitations for related violations is tolled if a settlement agreement is breached. The bill repeals existing sections 102.01, 102.06, and 102.99, streamlining the legal framework and requiring individuals filing financial disclosure statements to identify any involvement with prediction markets in the year preceding the bill's enactment. Overall, the legislation aims to enhance accountability and transparency among public officials while clarifying penalties for ethical violations.

Statutes affected:
As Introduced: 102.01, 102.06, 102.99