A Minnesota bill would make prediction markets illegal by removing them from a futures-exchange exception in the state’s gambling laws and bar companies offering the product from gaming licenses for 10 years. But like all state prediction market bills, it is unclear whether the bill would actually be enforceable.
The bill, SF4511, was introduced Monday by Sens. John Marty, Jordan Rasmusson, Mary Kunesh-Podein, Erin Maye Quade, and Matt Klein. It has been referred to the Senate’s Judiciary and Public Safety Committee.
It would amend Minnesota’s gambling laws to state that anyone operating a business “that allows participants to place, enter, or execute wagers, bets, trades, contracts, or financial positions” on sports, casino-style games, politics, people, catastrophe, or death commits a felony, even if those transactions involve “the purchase of securities, commodities, or other similar financial products.”
