An anonymous reader shared this report from the Independent: A popular predictions market app will not pay out the $54 million some of its users believed they were owed after correctly forecasting the death of Ayatollah Ali Khamenei, according to a report.

Kalshi, which allows players to gamble on real-world events, offered customers favorable odds on Khamenei, 86, being "out as Supreme Leader" in response to the announcement of joint U.S.-Israeli airstrikes on Tehran in the early hours of Saturday morning. The company promoted the trade on its homepage and app and tweeted [last] Saturday: "BREAKING: The odds Ali Khamenei is out as Supreme Leader have surged to 68 percent." It continued: "Reminder: Kalshi does not offer markets that settle on death. If Ali Khamenei dies, the market will resolve based on the last traded price prior to confirmed reporting of death." Khamenei was later confirmed dead in the airstrikes and the company clarified in a follow-up post: "Please note: A prior version of this clarification was grammatically ambiguous. As a customer service measure, Kalshi will reimburse lost value due to trades made between these clarifications...."

While the company has offered to reimburse any bets, fees or losses from the trade placed prior to its clarification message, it has nevertheless attracted a firestorm of complaints on social media.
A Kalshi spokesperson told Reuters they'd reimbursed "net losses" out of pocket "to the tune of millions of dollars". But a class action lawsuit was filed Thursday saying Kalshi had failed to pay $54 million: Kalshi did not invoke a "death carveout" provision until after the Iranian leader was killed to avoid paying customers in Kalshi's "Khamenei Market" what they were owed, the lawsuit said... The language specifying that Khamenei's departure could be due to any cause, including death, was "clear, unambiguous and binary," the lawsuit said, describing Kalshi's actions as "deceptive" and "predatory."
"In a notice filed Monday, the company proposed standardizing the terms of all its markets that implicitly depend on a person surviving..." reports Business Insider. "The update comes after Kalshi paid $2.2 million to resolve complaints from users who were confused by the way it divided the $55 million wagered on Iran's Supreme Leader Ali Khamenei's ouster after his targeted killing by Israel and the US."

Their article cites a DePaul University law professor who says "There's now sort of this nascent, but bipartisan movement against prediction markets. I think Kalshi's feeling the heat." For example, U.S. Senator Chris Murphy told the Washington Post, "People shouldn't be rooting for people to die because they placed a bet."

Indonesia will ban children under 16 from having accounts on major social media platforms as part of a government push to protect minors from harmful content, addiction, and online threats. The rule will roll out starting March 28 and makes Indonesia the first country in Southeast Asia to impose such a restriction. The Guardian reports: Meutya Hafid said in a statement to media said that she signed a government regulation that will mean children under the age of 16 can no longer have accounts on high-risk digital platforms, including YouTube, TikTok, Facebook, Instagram, Threads, X, Roblox and Bigo Live, a popular livestreaming site. With a population of about 285 million, the fourth-highest in the world, the south-east Asian nation represents a significant market for social networks.

The implementation will start gradually from 28 March, until all platforms fulfill their compliance obligations. "The basis is clear. Our children face increasingly real threats. From exposure to pornography, cyberbullying, online fraud, and most importantly addiction. The government is here so that parents no longer have to fight alone against the giant of algorithms," Hafid said.

She added that the government is taking this step as the best effort in the midst of a digital emergency to reclaim sovereignty over children's futures. "We realize that the implementation of this regulation may cause some discomfort at first. Children may complain and parents may be confused about how to respond to their children's complaints," Hafid said.