alt Hacker News> should be in prison for promoting illegal gambling
The problem lies in the legal gray area of what constitutes gambling, and therefore "illegal" gambling. That's what the courts have to decide.
I think most people would say this is gambling. But our legal system has to rule on that before we can start putting people in jail for it.
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The reason we have judges is that a thing that's 80% sports betting and 20% prediction market is still an online casino.
Why is betting on risky 0DTE stock options legal in Utah but sports not legal?
Why are casinos operated by Native Americans legal but casinos operated by black people illegal?
I don't think "illegal gambling" is illegal for the reasons you want it to be illegal.
This would be a great post for Kalshi's lawyers to make. Hard to believe it though. To be clear it is a not a fundamental proposition of the legal system that every illegal activity be tested before it "actually" becomes illegal. It is a business' obligation to not violate the law, not the other way around.
If it is not gambling then it amounts to an unregulated futures market, which is also illegal. There is no way around this for Kalshi/Polymarket, they have broken the law and the only question is which law was broken.