Dr Eric Crampton: Timid thinking behind the ban on prediction markets

From 2007 until about two weeks ago, New Zealand’s regulators considered prediction markets as a kind of futures market.

Then the Department of Internal Affairs decided they are gambling.

That decision makes little sense.

David Farrar: Crazy nanny state in NZ

Newsroom reports:

Polymarket, Kalshi and similar prediction markets are illegal under New Zealand’s gambling laws, the nation’s gambling regulator has decided.

Polymarket and Kalshi are online markets where users can place bets on future outcomes, ranging from New Zealand provincial cricket results to what phrases Donald Trump will use next month.