Federal judge temporarily halts Minnesota law banning most prediction market bets
A federal judge has temporarily blocked Minnesota from enforcing its law banning most bets on prediction markets, according to court documents filed on Monday.
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A federal judge has temporarily blocked Minnesota from enforcing its law banning most bets on prediction markets, according to court documents filed on Monday.
The federal commodities regulator filed suit against Minnesota to stop a new state law, signed by Gov. Tim Walz, that would criminalize operating or participating in prediction markets starting Aug. 1.
The legislation, which passed 56-10, makes wagers on topics like sports, weather, events in popular culture, war and death explicitly illegal.
A bill to ban most bets on prediction markets is ready for a Minnesota Senate floor vote just days after a lawmaker sparked controversy by putting money on his own primary race for Congress.
Prediction markets are getting a lot of attention lately, especially after a Minnesota lawmaker put money on his own race. Now, a bill to ban most of that type of betting is ready for a vote on the state Senate floor. Caroline Cummings looks into the odds of it passing this year.
White House aides got an email last month telling them not to place bets on prediction markets with nonpublic information, multiple administration officials told CBS News.
On Thursday, both the Minnesota House and Senate looked at companion bills in committee that would make prediction markets like Polymarket illegal — both bills have bipartisan support.
Both the House and Senate will look at companion bills in committee that would make prediction markets like Polymarket illegal.
A DFL senator argues that President Donald Trump's decision to allow prediction market sites in all 50 states means Minnesota should regulate sports betting rather than leave it uncontrolled.
