Are Prediction Markets Legal in New Mexico?

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

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

Prediction markets in New Mexico

Contested on six fronts
New Mexico carries more parallel actions than any other state, and most of them are parked. Three run against Kalshi: four tribal plaintiffs suing under the Indian Gaming Regulatory Act, whose injunction motion and Kalshi’s motion to dismiss were argued on September 23, 2026; the state Attorney General’s enforcement suit (June 2026); and the United States and the CFTC’s suit against the state, with a preliminary-injunction motion pending. Three CFTC-designated exchanges brought their own preemption challenges to the Attorney General and the Gaming Control Board. Two ended in agreed stays with enforcement standstills — Polymarket US in August 2026 and Novig on September 2, stayed until August 2027 — and Underdog filed the third on September 8. No court has reached the merits in any of the six.

Litigation affecting New Mexico

Mescalero Apache Tribe v. Kalshi, Inc.Judge Strickland heard the tribes’ motion to make Kalshi geofence tribal lands, and Kalshi’s motion to dismiss, on September 23, 2026.
Pending
State of New Mexico v. Kalshi, Inc.The New Mexico Attorney General sued Kalshi (June 2026).
Pending
United States v. State of New MexicoThe CFTC sued New Mexico (June 2026) and moved for a preliminary injunction; in July the state opposed it and moved to dismiss.
Pending
Ludlow Exchange, LLC (Novig) v. TorrezStayed until August 13, 2027 (September 2, 2026) under an enforcement standstill; the Gaming Control Board members were dismissed without prejudice.
Stayed to August 13, 2027 (enforcement standstill)
QCX LLC (d/b/a Polymarket US) v. TorrezStayed by agreement (August 2026) before any merits ruling.
Stayed
Underdog Exchange DCM, Inc. v. TorrezUnderdog sued NM officials (September 8, 2026) for a declaration that federal law preempts state enforcement against its sports event contracts.
Filed; no ruling

Which platforms are available in New Mexico?

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 New Mexico
PlatformStatus in New MexicoSource
KalshiOffered here, per the platform’s own availability listPlatform’s list
Polymarket (international)Unavailable herePlatform’s list
DKeX (DraftKings Predictions)Offered here, per the platform’s own availability listPlatform’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 New Mexico

Legal — Retail Only

No state sports-betting statute; offered at tribal casinos under existing Class III compacts since 2018 The market is regulated by the New Mexico Gaming Control Board (tribal wagering via compacts). Tribal gaming: Significant (tribal-only market; relevant to IGRA).

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.