The Legal War Over Prediction Markets Is Getting Crazier

Last month I wrote about the tug-of-war between the Trump administration and the states over prediction markets. Kalshi, one of the largest U.S. prediction market companies, had just won a favorable ruling from a federal court in Minnesota with the help of a key federal financial regulator. Since then, things have escalated dramatically for the prediction-market industry on multiple fronts. Nevada, which has extensive experience with gambling regulation, had appeared to strike a bargain with…