Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Prediction Markets topic
No spam. Unsubscribe anytime.
Committee clears bill to prohibit betting‑style prediction markets on sports, elections and other events
Summary
Senate Finance advanced SF 45‑11 to clarify that futures‑style 'prediction market' platforms used as betting apps (sponsor cited Kalshi) would not be exempt under Minnesota law; the committee recommended the bill to pass with a consolidated fiscal note showing no new state correctional costs.
Senator Marty described Senate File 45‑11 to the Finance Committee as an effort to clarify state law so platforms marketed as 'prediction markets' cannot be used as betting apps for sports, elections, legal outcomes, deaths or other specified events.
The author said some operators have marketed futures‑style contracts as investment products while effectively offering bets; the bill clarifies that contracts used as betting on athletic events, wars, state or national emergencies, elections, or legal outcomes would be treated as bets under Minnesota law and not exempt. Senator Marty said the bill is a clarification of existing law and noted two fiscal notes had been reviewed; a consolidated fiscal note returned a $0 impact in the responses from the Attorney General’s office, the Department of Corrections, and the Sentencing Guidelines Commission. Committee staff and members discussed enforcement options and the potential for future requests for funding if enhanced enforcement were desired. Senator Marty moved the bill; the committee recommended SF 45‑11 to pass by voice vote.
Why it matters: Sponsors said the bill addresses a growing commercial practice where platforms allow wagering on non‑traditional events. Supporters said clarifying the law will prevent commercialization of markets into unregulated betting products.
What’s next: The bill will be sent to the floor as recommended by the committee.
