Minnesota becomes first state to ban prediction markets
The measure targets Kalshi and Polymarket and makes hosting or advertising prediction markets a felony, with a federal lawsuit already filed.
- Minnesota became the first state to ban online prediction markets, making it a felony to host, operate, or advertise platforms like Kalshi and Polymarket, with the ban effective in August.
- The Commodity Futures Trading Commission sued Minnesota to block the ban, claiming exclusive federal authority over prediction markets and arguing that the law would criminalize lawful operators and harm certain groups like farmers.
- The law targets wagering on future events, including sports, elections, and celebrity appearances, and prohibits services like VPNs that help users bypass restrictions, though updated versions may exempt weather-related contracts used for risk hedging.
- Similar regulatory crackdowns and lawsuits involving the CFTC are occurring or proposed in several states, reflecting ongoing legal conflicts over prediction market oversight and claims that such bans harm competition.
44 Articles
44 Articles
Minnesota is the first state in the US to crack down on gambling on future events via websites like Polymarket and Kalshi. A new law prohibits these sites from operating in the state starting in August. Remarkably, it is not Polymarket and Kalshi that are appealing, but the Trump administration that is objecting to the law.
Trump administration sues Minnesota over prediction market ban
The Trump administration sued Minnesota on Tuesday over its new prediction market ban, contending it’s preempted by federal law. Minnesota Gov. Tim Walz (D) signed the bill earlier this week, making it a felony to operate or advertise a prediction market in the state. It’s set to take effect Aug. 1. “Minnesota’s attempt to criminalize derivatives contracts is precisely what Congress…
Minnesota becomes first state to ban prediction markets, Trump administration sues
Gov. Tim Walz signed a bill banning prediction markets like Kalshi and Polymarket from operating in the state, making Minnesota the first state to do so, NPR News reported Tuesday. In response to the new law, the Trump administration filed a lawsuit against the state Tuesday to block it, according to a press release from the Commodity Futures Trading Commission. Minnesota’s new state law, part of the omnibus public safety bill, makes it a crime …
Prediction markets face a ban in one state, but the fight's not over
Minnesota is trying to ban prediction markets, but the CFTC is putting up a fight.Bloomberg/Getty ImagesMinnesota is the first state to sign off on a ban on prediction markets like Kalshi and Polymarket.But a government agency is fighting the ban, suing Gov. Tim Walz for signing the bill.Prediction markets have faced backlash from lawmakers who say they enable insider trading and gambling.Minnesota has become the first state to ban prediction ma…
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