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Minnesota becomes first state to ban prediction markets

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Re: Minnesota becomes first state to ban prediction markets

#181

Post by kenferry »

anon291 wrote: post #172
CPLX wrote: post #54

They've been banned for generations. It's called gambling. Of course, we all have to sit through another round of Silicon Valley pretending they've discovered some new exciting business model that's just vice. Unlicensed gypsy cabs, SROs, shift work, patent medicines, narcotics dealing, customs fraud, and smuggling already had established market entrants I guess.

Gambling works and is normal in most of the world. No idea why the USA is puritanical about this. It's like the oldest business on the planet.

Er, I agree it's incredibly old, but also has been treated as societal ill and subject to regulation for its entire history.

Re: Minnesota becomes first state to ban prediction markets

#182

Post by Gagarin1917 »

kenferry wrote: post #181
anon291 wrote: post #172

Earlier quoted context omitted.

Gambling works and is normal in most of the world. No idea why the USA is puritanical about this. It's like the oldest business on the planet.

Er, I agree it's incredibly old, but also has been treated as societal ill and subject to regulation for its entire history.

Wanting to control the non-violent actions of others is also a social ill. Just one most haven’t woken up to yet.

Re: Minnesota becomes first state to ban prediction markets

#183

Post by tty456 »

abustamam wrote: post #176

> 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. Yikes. I am all for banning prediction markets but I feel like this is overreaching.

Does it actually ban VPNs? or just ban VPNs from being used to access prediction markets?

Re: Minnesota becomes first state to ban prediction markets

#184

Post by tsimionescu »

nojito wrote: post #139
jeltz wrote: post #112

Earlier quoted context omitted.

And there is no house in pool betting, poker or backgammon either. We still count all of them including betting exchanges (what has now been rebranded as prediction markets) are still normally regulated as gambling.

Not in the US.

Is there any state that allows organized poker tournaments, but not gambling or sports betting?

Re: Minnesota becomes first state to ban prediction markets

#185

Post by tardedmeme »

nom wrote: post #4
everdrive wrote: post #3

I wonder if it can really be enforced. It's clear that prediction markets are a scourge -- there seems to be no upside whatsoever.

Thanks to crypto it can't be enforced and is here to stay, like all forms of online gambling.

Polymarket is not a dark web hidden service. It has owners with names and addresses known to the government.

Re: Minnesota becomes first state to ban prediction markets

#186

Post by tardedmeme »

foobarchu wrote: post #21
tardedmeme wrote: post #10

If a prediction market uses AI will this violate the federal ban on states impeding AI?

Using AI to identify the ideal neighborhoods to sell meth in doesn't mean it's legal to sell meth.

What if AI is trained on prediction market data?

Re: Minnesota becomes first state to ban prediction markets

#188

Post by throwaway2037 »

827a wrote: post #152
superfrank wrote: post #34

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…

The CFTC uses the following argument in their press release: [1] > This Minnesota law turns lawful operators and participants in prediction markets into felons overnight,” said CFTC Chairman Michael S. Selig. “Minnesota farmers have relied on critical hedging products on weather and crop-related events for decades to mitigate their risks. Governor Walz chose to put special interests first and American farmers and inn…

A better question to ask: Regulated futures markets haves existed in the US for over 100 years. Why haven't they added sports (or any other category that prediction markets cover)? The answer is simple: There is no legitimate economic need.

Re: Minnesota becomes first state to ban prediction markets

#189

Post by mnahkies »

abustamam wrote: post #176

> 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. Yikes. I am all for banning prediction markets but I feel like this is overreaching.

Yeah that seems like a massive reach. Does banking count as a "supporting service"? After all a prediction market isn't very useful if you can't get money in/out.

Re: Minnesota becomes first state to ban prediction markets

#190

Post by abustamam »

mnahkies wrote: post #189
abustamam wrote: post #176

> 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. Yikes. I am all for banning prediction markets but I feel like this is overreaching.

Yeah that seems like a massive reach. Does banking count as a "supporting service"? After all a prediction market isn't very useful if you can't get money in/out.

I think "supporting services" is in reference to ways to disguise the location, which is why they used VPN as an example.

I don't know how they will enforce it but the fact that they want to control it is concerning.

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