Prediction market operator Kalshi reached an all-time high in weekly trading volume with $3.91 billion as of April 28, surpassing competitor Polymarket by around $2 billion.
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Minnesota approves prediction markets and sweepstakes bans
The Minnesota State Senate approved SF 4474 and SF 4511 on April 30 in an effort to ban sweepstakes casinos and prediction markets from being offered in the state.
The sweepstakes bill defines these games as products that use dual-currency payment systems and resemble casino-style gambling, with the restrictions aiming to prohibit payment processors, content suppliers, financial institutions, and media affiliates from facilitating sweepstakes operations in any form in Minnesota. The Commissioner of Public Safety and the Attorney General are set to be responsible for enforcement action in case of violations.
Regarding the prediction markets bill, the Senate voted 56-10 to ban multiple types of bets on such platforms, including sports, war, natural disaster, death, and pop culture events. Advertising and marketing event contracts will also be restricted according to the proposal.
Supporters of the bill, such as members of the Minnesota State Senate, John Marty and Jordan Rasmusson, have expressed their support for the measure.
Marty commented:
“I’m concerned because of the addictive nature of gambling and how many people are going to be doing it. It [bipartisan support] shows that people of both parties, people who are pro-gambling and anti-gambling together, can recognize that the prediction markets are ripe for conflict of interest, things like insider trading for politicians, for others. It’s a huge thing ripe for scandal. And it’s gone out of control.”
Rasmusson added:
“We are seeing the rapid expansion of these prediction markets; we are seeing an expansion of corruption that follows.”
Both legislations have now moved to the House, with the current session scheduled to end on May 18; moreover, the House has its own versions of the bills, HF 4410 and HF 4436, but the approval process will conclude faster if the bills are passed without any changes.
The government of Brazil has announced that prediction market contracts connected to sports, politics, and entertainment will be banned effective May 4, 2026.The...
