Episode Details

Websites like Kalshi and Polymarket have unleashed a new era of betting on sports and current events. Minnesota lawmakers Tuesday passed a bill banning these prediction markets from the state. To become law, it will need to be signed by Gov. Tim Walz.

The bill is the latest move by states and tribal nations that want to reign in these platforms. If what’s happened elsewhere in the country is any guide, the bill will likely attract lawsuits. A federal agency has sued five states for their attempts to regulate prediction markets. The platforms themselves have also filed lawsuits.

Todd Phillips has been surveying this legal landscape. He’s an assistant professor of law at Georgia State University, where he specializes on financial regulation. He joined MPR News host Nina Moini to explain.