This bill aims to enhance public safety by prohibiting certain wagers and activities related to prediction markets, introducing criminal penalties for violations. It amends Minnesota Statutes 2024, specifically section 609.75, subdivision 3, to clarify what constitutes a bet, including an insertion that exceptions for contracts involving the purchase or sale of securities or commodities are subject to section 609.76, subdivision 9. The bill also establishes a new subdivision under section 609.76, which outlines various prohibited transactions and activities related to prediction markets, including wagers on sports, contests, political events, catastrophes, and death.

The bill imposes felony charges for individuals or entities that facilitate or promote these prohibited activities, particularly if they target audiences under 21 or misrepresent the legality of their products. Additionally, it includes provisions that prevent individuals convicted under this subdivision from obtaining gaming-related licenses for ten years. The effective date for these changes is set for August 1, 2026, applying to crimes committed on or after that date.

Statutes affected:
Introduction: 609.75, 609.76