Minnesota becomes first state to ban prediction markets
Minnesota has become the first state to ban prediction markets, with Governor Tim Walz signing the law into effect. The law prohibits hosting or advertising prediction markets, which allow betting on various future outcomes. This move has sparked legal challenges and discussions about the regulation of such markets across the United States.
- ▪Minnesota's new law makes it a crime to host or advertise prediction markets.
- ▪The law will take effect in August and could force companies like Kalshi and Polymarket to leave the state.
- ▪Legal experts anticipate a fight over the ban, as over 20 lawsuits regarding prediction markets are already in progress.
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Technology Minnesota becomes first state to ban prediction markets May 19, 202612:28 PM ET Bobby Allyn Minnesota has enacted the most far-reaching crackdown on massively popular services like Kalshi and Polymarket. Steve Karnowski/Associated Press hide caption toggle caption Steve Karnowski/Associated Press Minnesota Gov. Tim Walz has signed the nation's first law banning prediction market sites from operating in the state, the most far-reaching crackdown on massively 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.
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