Are Prediction Markets Legal in Montana?

Last updated August 16, 2026. Snapshot — not legal advice.

As of August 16, 2026, the legality of prediction markets in Montana is unresolved — litigation is ongoing with no final ruling yet.

Prediction markets in Montana

Contested — Kalshi suing to block enforcement

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), seeking a preliminary injunction. No ruling yet.

Litigation affecting Montana

KalshiEX LLC v. KnudsenKalshi sued Montana’s AG and gaming officials (April 2026) on preemption grounds after cease-and-desist orders.

Pending — no ruling yet

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.