Minnesota bill to prohibit prediction markets moves to Senate floor vote

(AsiaGameHub) –   SF 4511 would bar the majority of wagers placed on prediction platforms.

US.- A Minnesota bill that would prohibit most wagers on prediction platform markets is set to move forward to a Senate floor vote. SF 4511 would ban bets covering subjects including weather, court proceedings, pop culture events and election results.

Sen. John Marty, the lead sponsor of the legislation, said: “Kalshi now claims to be the first nationwide legal sports betting app, but we argue that it does not comply with our state laws.”

Multiple states have taken measures to ban prediction platforms, deeming that they provide unlicensed gambling services. There are also mounting concerns related to insider trading. Earlier this month, Kalshi stated it had found three US political candidates had placed bets on their own campaigns, in violation of the company’s rules.