2 important reminders as we approach Election Day in Wisconsin (8/11): (1) If you bet on an election, you cannot vote in that election, & (2) Prediction market betting is a bet under applicable Wisconsin law per the Wisconsin Election Commission. A thread:
WEC legal staff put together an excellent memo analyzing the intersection between prediction markets and WI’s prohibition on betting in an election which was adopted by the WEC:
As a policy, the prohibition on betting in an election makes sense. You want people voting based on who they think would be the best person for the job, not based on making money from a given person’s election (or loss).
This also makes for an interesting situation: In theory, if people follow the prohibition (as they should), the only people betting on a Wisconsin election will be people NOT voting in the election. Who may therefore be the least-likely to have accurate knowledge of the election.
Can you “undo” a previous bet & vote? WEC didn’t take a position on that question specifically so you’ll want to ask your favorite lawyer paying close attention to Wis. Stat. § 6.03(2), which disqualifies electors from voting “in any election in which the person has made or become interested, directly or indirectly, in any bet or wager depending upon the result of the
election.”
Note the prohibition language is in the past tense. I am not providing legal advice, just suggesting that anyone who has placed a prediction bet and wants to vote consult with an attorney to assess their situation before casting their vote.
You can find the full memo analyzing the issue here at page 153:
elections.wi.gov/sites/default/…
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