Minnesota becomes first state to ban prediction markets.
The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban.
It would force prediction market sites like Kalshi and Polymarket to leave the state, or face possible felony charges.
"This Minnesota law turns lawful operators and participants in prediction markets into felons overnight," said CFTC Chairman Michael Selig.
Besides Minnesota, bills cracking down on the prediction market industry have been introduced in seven other states, according to the National Conference of State Legislators.
"Minnesota banning prediction markets is like trying to ban the New York Stock Exchange," said Diana, adding that "this actively harms users because it reduces competition and drives activity offshore.".
A Polymarket spokesman told NPR that Minnesota's ban runs counter to the federal government's "established framework" for regulating prediction markets. »
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