"Includes prediction markets in the definition of gambling by specifying that the purchase, sale, or financial speculation of securities or commodities on the outcome or future contingent events related to sports, contests, people, politics, catastrophe, and death."
"have allowed for individuals to create financial incentives and motivations for the occurrence of events"
"finds that not only do some or all of these types of contracts violate moral and ethical standards, but they also prey upon a gap in Hawaii's gambling laws that permits contracts for the purchase and sale at a future date of securities or commodities."
House Bill 2198 would include prediction markets in Hawaii's definition of gambling, prohibiting purchase, sale, or financial speculation of securities or commodities tied to outcomes such as sports, contests, people, politics, catastrophe, and death. The bill was introduced on January 26 with 16 Democratic sponsors and is in early stages with no hearings scheduled. The stated purpose is to update gambling laws to expressly prohibit prediction event contracts and to address recent consumer-focused financial developments that have allowed individuals to create financial incentives for event occurrence. The legislature cites moral, ethical, and legal-gap concerns.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]