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 like Kalshi and Polymarket, making it a felony to operate, advertise, or assist access to such platforms starting August 1.
- The law also bans tools such as VPNs that help users evade the ban and includes an expected exception for weather-related contracts used by farmers to hedge crop risks.
- The Commodity Futures Trading Commission sued to block Minnesota's law, claiming exclusive federal jurisdiction over prediction markets and stating that the state's move is illegal and harmful.
- Similar legislation has been introduced in several other states, with ongoing conflicts between federal and state authorities over regulation of prediction markets.
37 Articles
37 Articles
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…
Minnesota becomes first state to ban prediction markets
Minnesota Gov. Tim Walz has signed the nation’s first law banning prediction market sites from operating in the state, and in response, the Trump administration has sued, teeing up a legal battle over the most far-reaching crackdown on popular services like Kalshi and Polymarket.It comes as states confront a growing standoff with the Trump administration over how to regulate the industry, which allows people to bet on virtually anything.The new …
Minnesota Bans Prediction Markets, Feds Sue Immediately
Minnesota just moved to shut the door on online prediction markets—and the federal government is already trying to kick it back open. Gov. Tim Walz has approved the country's first law outlawing sites like Kalshi and Polymarket from operating in the state, making it a felony to host, advertise,...
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