"The bill describes a 'prediction market' as 'a system that allows consumers to place a wager on the future outcome of a specified event that is not determined or affected by the performance of the parties to the contract.'"
"Sen. Marty framed the bill as a clarification of existing law, writing on Bluesky: 'Prediction markets are used for illegal gambling in MN. I'm pleased my legislation, SF 4511, to clarify that this is illegal, passed the Senate Judiciary Comm. with strong bipartisan support last week!'"
"The proposal would make it a felony to operate or support a prediction market in Minnesota. Anyone who 'create[s] a prediction market' or 'operate[s], manage[s], or make[s] available a platform or system that allows consumers to make wagers' could face criminal penalties."
Minnesota Senate Bill 4511 aims to outlaw most forms of betting on prediction markets, which allow consumers to wager on future events. The bill, led by Sen. John Marty, has bipartisan support and has passed its first committee. It defines prediction markets broadly, covering various events such as sports, elections, and public crises. The legislation proposes felony charges for those who create or operate these markets, framing it as a necessary clarification of existing gambling laws in Minnesota.
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