I wonder if it can really be enforced. It's clear that prediction markets are a scourge -- there seems to be no upside whatsoever.
nom•34m ago
Thanks to crypto it can't be enforced and is here to stay, like all forms of online gambling.
stock_toaster•32m ago
At the very least maybe it would make the advertising (tv, college campuses, etc) of prediction markets illegal in Minnesota?
That alone seems like a good thing.
delichon•19m ago
I get a lot of value from prediction markets and query for them most days. Today for the Los Angeles Mayor's race and the Kentucky 4th district Representative race. In both cases I saw a big difference between the market and the vibe on my feeds. I believe that the market emits higher quality predictions.
I watched a prediction market reverse on a dime as Obama defeated Romney and learned how terribly mistaken they can be. So while I find them useful I take the results well salted.
rizzom5000•15m ago
Do you also believe there is no upside in crowdsourced information found in, say, commodities, equities and futures markets?
1899-12-30•27m ago
*Minnesota becomes first state to ban the use of prediction markets as a loophole for sports gambling.
mark212•23m ago
as the article notes, prediction markets are regulated by the CFTC as a commodities futures contract, so I'm not sure how any state law survives a federal pre-emption challenge. On the other hand, it's a little unusual to see a federal agency suing to protect its turf. Would've expected a class action by a Minnesota user of the service to bring the challenge instead.
SilverElfin•20m ago
Doesn’t this violate commerce between states, effectively?
tardedmeme•17m ago
It does, but the constitution's already been shredded and it's dog-eat-dog in the political space right now, so we'll see how it goes.
tardedmeme•18m ago
If a prediction market uses AI will this violate the federal ban on states impeding AI?
steve1977•17m ago
Isn't the stock market a prediction market as well?
wnc3141•12m ago
I think the stocks don't have a arbiter managing a discrete outcome between parties that don't have any KYC compliance.
VikingCoder•38m ago