Where do prediction markets stop and where does gambling begin?
That’s a question Gov. Ron DeSantis suggests is relevant for state-level policymakers, as he named one particular market that he believes could conflict with the Seminole Gaming Compact, which gives the Tribe exclusive sports betting rights in the state.
“This is something (that) really within the last year has really become a big deal,” DeSantis said on CNBC’s “Squawk Box.”
“In Florida, we kind of have a unique relationship with the Seminole Tribe of Florida. There was things done long before I was Governor to give them exclusive rights over gaming. They also have the exclusive rights over sports betting. And so the question is: Is something like Kalshi, is that clashing with the laws of the state of Florida? Or is it separate? It’s more of a prediction (market). So we’re kind of trying to get our mind around that.”
Other states have, to use the parlance, tried to get their minds around it also with unsatisfactory results.
As ESPN reported last year, Kalshi has rebutted similar claims in other states by successfully arguing that it is a financial exchange and not a sportsbook, thus meaningfully different from the Hard Rock betting app the Tribe holds the franchise on.
“If we are gambling, then I think you’re basically calling the entire financial market gambling,” said Tarek Mansour, Kalshi’s CEO.
Kalshi’s futures contracts are regulated by the Commodity Futures Trading Commission. The company says “prediction markets provide accurate, real-time information on the likelihood of events, making humanity more informed about the future.”
“As the first regulated exchange for events, Kalshi is credited with legalizing and establishing prediction markets as a financial asset class,” the company has said.
The post Ron DeSantis raises questions about Kalshi crowding Seminole Tribe gambling rights appeared first on Florida Politics – Campaigns & Elections. Lobbying & Government..
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