Regulators to Shutter PredictIt's Elections Gambling Platform
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Regulators ordered PredictIt to shut down its US-based operations by February. Since 2014, the site has allowed Americans to vote with their wallets and gamble on elections.
Gambling on election outcomes is neither federally banned nor locally approved. Vegas casinos won't take bets on Washington elections. Off-shore bookkeepers accepted a record $1 billion in bets for 2020 election.
Regulators want to shut down PredictIt's Elections Gambling platform. The platform was originally allowed to operate because it was run by Victoria University of Wellington. Now the commission rules it's no longer a small-scale, not-for-profit, online market for event contracts in the U.S. for educational purposes.
Regulators to shut down PredictIt's Elections Gambling Platform. The platform was run by Victoria University of Wellington. It was granted a relief letter from the Commodity Futures Trading Commission.
Regulators to shutter PredictIt's Elections Gambling Platform on February 15th. Victoria University of Wellington has yet to decide how to pay out contracts that conclude after the site closes.