Are Prediction Markets Legal in Montana?

Last updated September 27, 2026. Snapshot — not legal advice.

As of September 27, 2026, the legality of prediction markets in Montana is unresolved — litigation is ongoing with no final ruling yet.

Prediction markets in Montana

Contested — enforcement paused by agreement
After Montana’s Gambling Control Division issued cease-and-desist orders, Kalshi sued the Attorney General and gaming officials on federal-preemption grounds (KalshiEX LLC v. Knudsen, April 2026). The court denied its injunction without prejudice on August 27, 2026, and the parties then settled the case: it was dismissed on September 21 in exchange for Montana’s promise not to enforce against Kalshi’s exchange-traded contracts until the Ninth Circuit resolves Kalshi’s en banc petition in Assad, and then only on thirty days’ notice.

Litigation affecting Montana

KalshiEX LLC v. KnudsenJudge Molloy denied Kalshi’s injunction without prejudice (August 27, 2026); the case was dismissed by stipulation on September 21 in exchange for an enforcement standstill tied to the Ninth Circuit’s en banc process in Assad.
Dismissed by stipulation (enforcement standstill)

Which platforms are available in Montana?

Each platform’s own published availability list, checked September 24, 2026. This table covers the platforms whose complete list we could verify from a primary source: Kalshi, Polymarket (international), DKeX (DraftKings Predictions), Underdog (Underdog Predict), Novig.

Platform availability in Montana
PlatformStatus in MontanaSource
KalshiOffered here, per the platform’s own availability listPlatform’s list
Polymarket (international)Unavailable herePlatform’s list
DKeX (DraftKings Predictions)Financial markets onlyPlatform’s list (archived Sep 16)
Underdog (Underdog Predict)Offered here, per the platform’s own availability listPlatform’s list
NovigOffered here, per the platform’s own availability listPlatform’s list

Sports betting & gambling in Montana

Legal — Retail Only

Legalized 2019; Montana Lottery kiosk model at licensed on-premise locations (no true statewide mobile) The market is regulated by the Montana Lottery. Tribal gaming: Moderate.

The federal-vs-state fight

Every entry in this fight turns on the same question: does a prediction-market platform's federal regulation by the CFTC preempt a state's gambling law, or does the state retain authority to restrict it? Courts around the country are answering that question differently — sometimes for the platform, sometimes for the state — and almost every ruling so far is preliminary and under appeal. Treat this page as a snapshot, not a final word.

This page is informational, not legal advice. Nearly every litigation entry referenced here is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.