Online sports betting is not legal in Minnesota, but that hasn’t stopped Ian White from trading money on the outcomes of N.F.L. games. Mr. White, a special education paraprofessional, said he downloaded Kalshi, a “prediction market” app, after seeing an ad on TikTok. He buys contracts worth $10 a game and has made about $130.
“I do consider Kalshi betting,” he said, “but I love how they get around it by selling futures.”
Kalshi can “get around” state gambling laws because on paper it is not a sports gambling app, like FanDuel or DraftKings. Those kinds of online sportsbooks are banned in 20 states, including Minnesota, California and Texas. Instead, Kalshi is an exchange selling financial products tied to the outcome of sporting events — and, with the tacit approval of the Trump administration, is currently available everywhere in the country.
If you wanted to, for example, wager $100 on a Dallas Cowboys victory this weekend, your experience on FanDuel and Kalshi would look remarkably similar….
"… Kalshi, once known for offering wagers on elections, are now in the multibillion-dollar sports betting business and outside the reach of state regulations and taxes"
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) October 5, 2025
Is Sports Betting Illegal in Your State? Not if You Call It a ‘Prediction Market.’https://t.co/FSpVln6jtH