Minnesota's first-in-the-nation law banning prediction markets is halted in federal court

A federal judge has temporarily blocked Minnesota's law banning prediction markets, which was set to take effect Saturday

A preliminary injunction will keep Kalshi and Polymarket active in the state after a district judge found federal law preempts the state's ban.

A federal judge has temporarily blocked Minnesota's law banning prediction markets, which was set to take effect Saturday

Minnesota’s first-in-the-nation law banning prediction markets is halted in federal court  AP News

A federal judge in Minnesota on Monday blocked the state’s attempt to ban prediction markets just days before the law was set to take effect Saturday. The preliminary injunction comes as the Justice Department, the Commodity Futures Trading Commission, Kalshi, and Polymarket challenge the law in court, arguing that fed

The law, which would make it a felony for most prediction markets to operate and advertise in the state, was set to take effect on Saturday.

A federal judge on Monday halted a prediction market ban in Minnesota days before it was set to roll out.  District Judge Katherine Menendez wrote that the Trump administration, Kalshi and Polymarket are “likely to succeed on the merits” in the case arguing that the state ban is pre-empted by federal law.  “Specificall

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.

The ruling follows lawsuits from the Justice Department, the Commodity Futures Trading Commission, Polymarket and Kalshi.

The biggest platforms, Kalshi and Polymarket, were joined by their fedeal regulator, the Commodity Futures Trading Commission, in challenging the state law.

Judge blocks Minnesota from implementing novel prediction markets ban  Reuters

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