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There's plenty of legal gambling in Minnesota. To quote the Minnesota Legislative Reference Library it includes "horse racing, a card club at Canterbury Park, Indian tribal casinos, charitable gambling, and a state lottery." ( https://www.lrl.mn.gov/guides/guides?issue=gambling )
Earlier quoted context omitted.
I'm curious to see how this works out, because sports betting is _not_ in the CFTC's remit, and Kalshi etc's argument that states can't regulate them because they're not technically sports betting is contrary to the spirit of the law
There’s no “house” or “book” aspect to Kalshi. They are nothing more than contracts that are bought and sold between individuals.
I wonder if it can really be enforced. It's clear that prediction markets are a scourge -- there seems to be no upside whatsoever.
there is one upside, its a big incentive to indirectly leak things like album release dates and military operations. anything that helps get some secrets out is a positive in my book
For the record, Minnesota currently has a complete ban on sports betting. We've seen a couple other states that allow sports betting go after prediction markets. Personally, I feel that any state that allows sports betting is going to struggle to argue a case to ban prediction markets because you're essentially arguing over implementation details. Even arguments that certain prediction markets are ripe for insider tr…
Separately, I believe over time that prediction markets will become the source of real world truth. Why? Because money is at stake and so validity and verification matter. It'll be interesting to see how, if this comes to fruition, how laws in states like Minnesota affect news reporting and journalism. It seems likely to me that at a certain point prediction markets will buy traditional media and news outlets to hire out the fact-finding and reporting teams to ensure ground truth, and of course to use journalism as the gateway to the market. So you read an article "China disappears random person" and then at the end you click a button and bet whether that person is alive or dead or whatever.
[1] https://finance.yahoo.com/markets/options/articles/polymarke...
Isn't the stock market a prediction market as well?
If you work at one of these companies it's the same as working for a payday loan company. You are making blood money.
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There's plenty of legal gambling in Minnesota. To quote the Minnesota Legislative Reference Library it includes "horse racing, a card club at Canterbury Park, Indian tribal casinos, charitable gambling, and a state lottery." ( https://www.lrl.mn.gov/guides/guides?issue=gambling )
Indian tribal casinos are only legal because they are in a separate country as far as the state is concerned. (they don't bother, but each reservation has a good case to join the UN if they wanted to)
> The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban. I'm sorry, what the fuck?
> provid[ing] supportive services to a prediction market or consumer knowing that the services will be used to identify a consumer’s location, transfer money, or make or process payments for the purpose of allowing consumers to make wagers or to settle wagers made by consumers in violation of this section.
"knowing" is key here.