A federal judge has blocked Minnesota’s new law banning prediction markets, citing potential harm to companies like Kalshi and Polymarket as the legal battle unfolds. The core conflict pits federal regulators, including the CFTC, who claim exclusive authority over these “event-contract transactions,” against state attorneys general like Minnesota’s, who classify them as illegal gambling. This isn’t just a local issue — states across the country are trying to shut down these platforms under gambling laws, sparking lawsuits and drawing in tribal leaders and gaming regulators who argue states are losing billions in tax revenue. With the CFTC also weighing which event contracts to restrict, this high-stakes legal showdown is far from over.
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