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.
I’m pretty sure that legal wide scale prediction markets have been around for like 2 years so maybe give it time
I honestly wonder if there isn’t a deeper history. Gambling is a part of human culture and the only recent thing that’s happened is our society has become so corrupt that gambling is being allowed to legally flourish.
Like bank deposit insurance, vaccines, and clean water standards, anti-gambling laws are something society is reminded it needs only after they are gone.
Like laws against sex and drugs, gambling laws are in themselves a failure of government. We know criminalization is not needed, because societies that don’t criminalize imprison and murder less of their own people.
Kidnapping and murder is bad
You can’t legislate morality. If you make gambling and drugs illegal they just go underground and become worse problems and foster a criminal underclass/organized crime that becomes a much bigger problem.
Better to keep them legal and put sensible controls on them, emphasis on sensible obviously that’s not what we have going on here. Outside of our freedom on marijuana in some states now at least when you don’t consider how anybody that drives a car can be arrested for impaired driving even if they’re totally sober from the marijuana. If they have smoked in the past week or two. That’s another story though.
Well, the probably imprison less people because they are functioning much better as a society. The question is if imprisoning people is better than not imprisoning them in this fucked up society.
I’m in the US, but we generally lock up and/or deport way too many people; incarceration causes more problems than it solves, and serving white supremacy is the main social goal and outcoe.
But I think this is a separate conversation. The anti-gambling laws I’m talking about are the ones that would prevent constant Draft Kings advertisements and all the money that gets fed back into our political system. We’ve got so far away from acknowledging the damage that gambling causes, and gambling, as far as I’m concerned, is just a mugging with extra steps, yet paid propaganda has papered over the criminality.
White supremacy is not the goal of the ones calling the shots with the money and the power, the white supremacists are tools they use, because they’re dumb.
Yes, making insider trading easy, legal and profitable instead of risky, illegal and prosecuted, certainly does not fuel insider trading in whatever shape or form.