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Reason
Reason
Tosin Akintola

Minnesota Law Banning Prediction Markets Creates Victimless Crime

Minnesota Matt Klein CFTC Kalshi Polymarket Reason

Last October, Minnesota state Sen. Matt Klein (D–Mendota Heights) wagered $50 on the prediction market Kalshi that he would win his congressional primary this August. After Kalshi flagged the bet, Klein was fined $539.85 and received a five-year suspension from the platform in April.

While he tried to frame his experience as similar to that of "many other Minnesotans," there should have been no ambiguity to Klein that his actions ran afoul of Kalshi's rules and federal regulations against insider trading. Rediscovering his morals, Klein then co-authored a bill in the Minnesota Legislature to ban prediction markets in the state, making it a felony for anyone to create, control, operate, support, or advertise with a prediction market.

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