A bill that would ban prediction markets in Minnesota moved forward this week after passing the Minnesota Senate State and Local Government Committee stage.
Supporters of the bill say prediction markets, such as Kalshi and Polymarket, are not covered by current state law and that this bill would bring clarity to the issue.
Proponents of the bill said they were concerned that prediction markets could be operating outside of the state’s gambling regulations, and that there was potential for those with inside information to bet on future events.
This comes after a second US Senate proposal aiming to prevent traders from betting on event contracts was introduced to Congress in March.
