As Minnesota looks to ban prediction markets, regulatory gray areas arise

from Minnesota Now · host Minnesota Public Radio

A state Democratic lawmaker running for Congress apologized for placing a wager on himself that he'd win his party primary. State Sen. Matt Klein of Mendota Heights said he wagered $50 in an online prediction market last October. The platform Kalshi flagged it as a political insider trading, penalized Klein $540 and banned him from the platform for five years. This situation is one of the many ethical conversations around prediction markets. At the State Capitol there's a bill looking to ban them. Minnesota Alcohol and Gambling Enforcement director Jon Anglin's job is to regulate this market. He spoke to Minnesota Now host Nina Moini to talk about the challenges around regulating prediction markets.

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This episode was published on April 23, 2026.

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