A running, editorially-maintained snapshot of where prediction-market exchanges stand with state regulators and gambling law. Federal status (CFTC oversight) is a separate question from state enforcement; a platform can be a CFTC-registered exchange nationally while still facing individual state actions. Last reviewed: July 2026. This is not legal advice.
| State | Kalshi | Polymarket | PredictIt | Notes |
|---|---|---|---|---|
| New York | Contested | Unclear | Unclear | State gaming regulators denied Kalshi injunctive relief in 2026; the exchange’s preemption appeal is pending before the Second Circuit. |
| Minnesota | Operating | Operating | Unclear | A federal preliminary injunction has kept the state’s enforcement action on hold as of July 2026. |
| Washington | Contested | Unclear | Unclear | A federal court order in July 2026 went against Kalshi; litigation is ongoing. |
| Wisconsin | Contested | Unclear | Unclear | The CFTC has sued to keep the preemption question in federal court after state action targeting Kalshi; case remains pending. |
| Nevada | Geofencing | Unclear | Unclear | Kalshi agreed to geofence Nevada users by a state-negotiated August 12, 2026 deadline rather than continue contesting the state’s position. |
| Massachusetts | Contested | Unclear | Unclear | State regulators have pursued enforcement against Kalshi’s sports-related contracts; litigation status is active. |
| Tennessee | Operating | Unclear | Unclear | A federal court granted Kalshi a temporary block on state enforcement. |
This table reflects a snapshot of a fast-moving, actively litigated area of law and will be updated as new rulings come in. Coverage of individual developments runs in the Regulation section.