- cross-posted to:
- law@lemmy.world
- cross-posted to:
- law@lemmy.world
Minnesota Gov. Tim Walz has signed the nation’s first law banning prediction market sites from operating in the state, the most far-reaching crackdown on massively popular services like Kalshi and Polymarket.
It comes as states confront a growing standoff with the Trump administration over how to regulate the industry, which allows people to bet on virtually anything.
The new state law makes it a crime to host or advertise a prediction market, which it defines as a system that lets consumers place a wager on a future outcome, like sports, elections, weather, live entertainment, someone’s word choice and world affairs.
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.
It would force prediction market sites like Kalshi and Polymarket to leave the state, or face possible felony charges. The law takes effect in August.
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The prohibition extends to services supporting prediction markets, like virtual private networks …
So they quietly just slipped a blanket VPN ban in there, too? Would be interested to read more about that part …
It’s against hosting or advertising those markets. I think if they leave that out of the ad campaign they’ll be fine.
No, it specifically says “provide supportive services.”
Which would require a specific relationship with one of those markets.
If I use a VPN to access Google, does that mean I have a “special relationship” with Google?
I believe the point is if google was illegal where you live, it would be illegal if Google said "hey you can still reach us without the big man knowing by using our partners ‘borgVPN’ ". BorgVPN could be in trouble for the partnership, even if they aren’t the actual banned service.
Sure, but that’s not really explicitly laid out in the law.
Laws typically are not that explicitly laid out. There needs to be some flexibility and generality to them or they become worthless.
Just FYI, sufficiently liquid prediction markets are also assassin markets by their nature.
It’s a really easy way to facilitate payments for killings by “predicting” that someone will be dead by a certain date, and making a big bet against it
Whaaaa?
Hey, I bet you a million dollars a guy I don’t like will still be alive tomorrow.
If you take that bet. You have a significant financial interest in ensuring that guy I don’t like isn’t still alive tomorrow
I get what you were saying, I just have never heard of this happening. Are there court cases or articles on it?
No idea about court cases but my great grandfather had stories of soilders betting on which commanding officer would be killed next by his own men. He was in the German military. My grandfather had similar stories from Vietnam.
Dead pools or how ever you call them are a decently well known concept.
