"Minnesota Takes Aim at Prediction Markets: A New Law Targets Online Bets and Wagers on Unsettled Events. In a move that has sent shockwaves through the world of online betting, Governor Tim Walz has signed a bill into law that makes it a crime to operate, host, or promote prediction markets in the state of Minnesota. The law, which took effect in May, has already prompted a lawsuit from two popular prediction market platforms, Kalshi and Polymarket, who argue that the legislation is an overreach of government authority and threatens their business operations. As the debate over the regulation of online betting continues to unfold, Minnesota's new law is raising questions about the intersection of free speech and the limits of government power."
A Wall Street regulator, Kalshi and Polymarket had sued after Gov. Tim Walz signed the measure into law in May, making it a crime to operate, host or promote a prediction market in Minnesota.
