Sagar Enjeti

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Turning now to prediction markets under potential legal threat, but definitely getting a major assist from the US government.

Let's put this up here on the screen.

Minnesota has now become the first state to ban prediction markets.

The governor signed the nation's first law operating in the state, and in response, the Trump administration has sued.

This will now tee up a massive legal battle

over the crackdown on Kalshi and Polymarket.

The new state law makes it a crime to host or advertise a prediction market, which defines as a system that lets consumers place a wager on future outcomes like sports, elections, live entertainment, someone's word choice, and world affairs.

Why do we have markets on those anyways?

The prohibition extends to services supporting prediction markets, like VPNs that would allow consumers to disguise their location and get around the ban, and it would force a prediction market site like Kalshi and Palamarket to leave the state or face felony charges.

The law takes effect in August.

So here is what the person who introduced the measure said.

We as a state should decide how best and what regulations we think should attach to gambling to protect public safety, to protect our kids.

The law has a carve-out for event contracts that serve as an insurance policy in the event of harm or loss sustained and for the purchase of securities and other commodities.

Now, here's where the Trump administration comes in.

And this gets technical, so everybody stick with us.

D2, let's put it up here on the screen.

The Trump administration is now suing Minnesota over the prediction market ban.