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return2ozma@lemmy.world to Technology@lemmy.worldEnglish · 4 days ago

Man who lost $308,000 on sports bets sues Kalshi for offering illegal gambling

arstechnica.com

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Man who lost $308,000 on sports bets sues Kalshi for offering illegal gambling

arstechnica.com

return2ozma@lemmy.world to Technology@lemmy.worldEnglish · 4 days ago
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Lawsuit demands Kalshi return losses because online betting is illegal in Washington.
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  • kestrel7_7@lemmy.world
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    4 days ago

    Somehow I doubt he would have sued them if he won.

  • 🇸‌🇵‌🇪‌🇨‌🇺‌🇱‌🇦‌🇹‌🇪‌🇷‌@lemmy.world
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    4 days ago

    Will there be a bet on the outcome of the law suit?

  • enterthepocket@lemmy.zip
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    4 days ago

    Putting “bets” and “sues” in the same sentence is no different than asking for jumper cables if you crash landed a rocket ship into the moon.

  • KC_Royalz@lemmy.world
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    4 days ago

    Honestly I hope he wins

    • 🇰 🌀 🇱 🇦 🇳 🇦 🇰 🇮 @pawb.social
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      4 days ago

      If he loses, he can always appeal with “double or nothing.”

  • BarneyPiccolo@lemmy.today
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    4 days ago

    These polymarkets need to be declared illegal, and all money returned, win or lose. Those that won get to keep their winnings.

    • jtrek@startrek.website
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      4 days ago

      And the people who run this shit need to go to jail. I’m sure a lot of them would rat out their corrupt buddies for a reduced sentence.

      • pdxfed@lemmy.world
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        4 days ago

        Trump’s son is on the board at Kalshi and consults for polymarket or something to that effect. It was seriously the “no one can stop us we’ll just claim we’re regulated by CTFC which your dad controls” grift.

    • spongebue@lemmy.world
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      4 days ago

      But that would put them out of business!

      I would hope

  • TheUnicornOfPerfidy@feddit.uk
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    4 days ago

    It’s a bold strategy, Cotton

  • BigTrout75@lemmy.world
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    4 days ago

    Sounds like he’s doubling down in the bet

  • Fishnoodle@lemmy.world
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    4 days ago

    Kakishi is a fucking HORRIBLE app to gamble on. Prediction markets offer horrible fucking odds, legal or not

  • EndOfLine@lemmy.world
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    4 days ago

    I wonder if Kalshi will set odds on the outcome of this suit?

  • ceenote@lemmy.world
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    4 days ago

    Remember, Kalshi will turn around and have you believe this guy is the best at predicting virtually anything.

    • half_built_pyramids@lemmy.world
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      4 days ago

      What’s the bet on him losing this case

      • 🌞 Alexander Daychilde 🌞@lemmy.world
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        4 days ago

        I was thinking of making a joke about how bringing a court case is gambling on a favorable outcome, but your joke is better and simpler.

        • half_built_pyramids@lemmy.world
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          Yeah but I didn’t make it an op child, so Internet points went to someone else, but thank you for making content

  • Scrubbles@poptalk.scrubbles.tech
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    4 days ago

    I hope he wins, but I’m guessing first thing they’re doing is saying “He signed a forced arbitration clause, and here’s the 42 places in the ToS where he signed that he was okay with it”, and the judge will throw it out

    • ryannathans@aussie.zone
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      4 days ago

      Private contracts do not override state and federal law

      • Scrubbles@poptalk.scrubbles.tech
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        4 days ago

        For this guy hopefully he proves that. For any of us regular folks what you’re saying may be true, but would bankrupt us trying to prove our case.

    • chocrates@piefed.world
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      4 days ago

      Forced arbitration illegal when?

      • NateNate60@lemmy.world
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        4 days ago

        A lot of arbitration clauses can be opted out of. This was the case with most of my credit card agreements when I was reading through them. It involves sending a letter saying that you want to opt out of arbitration. The clause is usually within the mass of text and not easy to find, but it’s there.

        • halcyoncmdr@piefed.social
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          4 days ago

          A lot of arbitration clauses are thrown out by courts once they manage to get it in front of a real judge and not a paid stooge. The feeling you get when the arbitrator goes against the company paying them though.

      • Scrubbles@poptalk.scrubbles.tech
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        4 days ago

        not soon enough my friend. My work just tried to get me to sign one. Luckily it was optional, but holy fuck

  • PotatoLibre@feddit.it
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    4 days ago

    TIL Kalshi doesn’t work from Italy.

    I know it’s just because it would does affect the Italian Gov betting business but it’s still nice.

  • FiniteBanjo@feddit.online
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    4 days ago

    "I lose $30,800 shame on me.

    I lose $308,000 shame on you."

    Hope he wins.

    • CovertOperative@piefed.zip
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      4 days ago

      Just one more lawsuit… He’s gonna win some time…

    • stoly@lemmy.world
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      4 days ago

      Hope he wins.

      Because you are tired of Kalshi?

      • FiniteBanjo@feddit.online
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        4 days ago

        Two reasons:

        1. Prediction markets ARE gambling and need to be regulated as such before it has a chance to create victims or empower insider trading.
        2. My moral philosophy is to side with the underdog.
        • halcyoncmdr@piefed.social
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          4 days ago

          My moral philosophy is to side with the underdog.

          I go into every sportsball game with this worldview. I don’t care who’s playing, I just like seeing the fallow with an upset victory and the response from the people that care way too much about something that ultimately doesn’t really matter.

          • Zarobi@aussie.zone
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            4 days ago

            Do you also switch teams when the underdog starts winning too hard and becomes the new overdog?

            • halcyoncmdr@piefed.social
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              4 days ago

              I only care heading into a game. Once the game has started the its locked for the game.

              I have no team spirit outside of any specific game.

        • stoly@lemmy.world
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          4 days ago

          Thanks. I have heard people complain about the constant ads, and I didn’t know if that was what got you too. I don’t watch anything on TV anymore (I do streaming) so I never see them.

        • 🌞 Alexander Daychilde 🌞@lemmy.world
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          4 days ago

          before it has a chance to

          leeeeeeeeeeetle late.

          but yes, agreeing and teasing is all <3

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