Sen. Marty urges Rules to advance bill clarifying that certain prediction markets are bets

Sen. Marty told the Rules Committee that Senate File 4511 seeks to clarify Minnesota law on what constitutes a bet and to treat certain prediction markets as gambling when they function like bets on sporting, political or similar events.

Marty said the topic has moved from obscurity to national prominence in about a year and urged prompt legislative action to prevent growth of unregulated markets that could undercut existing gambling laws. Several members voiced support for allowing the chief author’s preference to be credited in scheduling; Sen. Pappas moved to advance the bill and the committee adopted the motion to proceed.

The committee’s action in Rules was procedural to let the bill continue to subsequent committees; no final legal determination was made in Rules.