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Minnesota becomes first state to ban prediction markets and makes it a felony (www.npr.org)

submitted 1 day ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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Minnesota Gov. Tim Walz has signed the nation's first law banning prediction market sites from operating in the state, the most far-reaching crackdown on massively popular services like Kalshi and Polymarket.

It comes as states confront a growing standoff with the Trump administration over how to regulate the industry, which allows people to bet on virtually anything.

The new state law makes it a crime to host or advertise a prediction market, which it defines as a system that lets consumers place a wager on a future outcome, like sports, elections, weather, live entertainment, someone's word choice and world affairs.

The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban.

It would force prediction market sites like Kalshi and Polymarket to leave the state, or face possible felony charges. The law takes effect in August.

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[–] pelespirit@sh.itjust.works 7 points 22 hours ago (2 children)

This was reported, so I looked it up. Apparently, it's true. I also think it's your opinion that corporations might use for their own financial gain, so I won't remove it.

Corporate ownership of life insurance (COLI), or corporate-owned life insurance, refers to insurance policies taken out by companies on their employees, typically senior-level executives.

The company is responsible for making the premium payments, and if the person dies, the company, not the insured person's family or other heirs, receives the death benefit. Such policies came to be called "dead peasant insurance" after some companies purchased life insurance on low-level workers without their knowledge.

https://www.investopedia.com/terms/c/corporate-ownership-of-life-insurance.asp

[–] teyrnon@sh.itjust.works 3 points 21 hours ago (1 children)

Oh right the dead peasants' insurance thing this is like well after the fact, in like the 00s by walmart.

I guess I should have just looked it all up how hard could have been.

From what I understand they would take them out on technical employees fairly often as well, like scientists types that could not be easily replaced. But who knows what dirty dealings have gone on.

[–] pelespirit@sh.itjust.works 3 points 21 hours ago (2 children)

Is that why they hire elderly people as greeters? Wow, they're pure evil.

[–] teyrnon@sh.itjust.works 2 points 20 hours ago

Huh, I wonder if there's a way we could subpoena the books of the life insurance companies they deal with. Or somehow obtain that information by whatever means.

Walmart was a very bad company, they still are but I think they were one of the first retail Giants to become totally morally bankrupt.

[–] stringere@sh.itjust.works 1 points 20 hours ago (1 children)

If a Walmart employee dies on Walmart property the family gets a $1,000,000 payout. Source: am spouse of Walmart manager. This applies to all employees as far as I know.

[–] pelespirit@sh.itjust.works 1 points 20 hours ago* (last edited 20 hours ago)

What does Walmart get if you die* on or off the property?

[–] Corkyskog@sh.itjust.works 2 points 21 hours ago (1 children)

His opinion? Walmart was notorious for taking out life insurance policies on its rank and file workers. It happened for decades, there were even lawsuits, settlements, the whole 9 yards...

[–] pelespirit@sh.itjust.works 2 points 21 hours ago

This is the first I'm hearing anything about it. I meant it as a good thing, so he doesn't have to provide proof and all that.