""It is gambling. Whenever an individual has an opportunity of putting up money with the potential of gaining money... that's gambling.""
""It's not a question of if it happens... it's a question of when. We just can't sit back and wait.""
""The concern is that products framed as financial tools may carry the same addictive dynamics as gambling without the same safeguards.""
""Lawsuits! ... Lawyers are very busy and making some money... I just think it doesn't help the people.""
A staffer impersonated a 15-year-old to place bets on an online gaming site without age verification until winning a gift card prompted a check. New York State Senator Joseph Addabbo Jr. highlighted the oversight gap, emphasizing that prediction markets operate without adequate control. He warned that these platforms could pose risks similar to gambling, especially during events like the Super Bowl. Companies like Kalshi are challenging state regulations, claiming their contracts fall under federal law, leading to jurisdictional disputes across various states.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]