Are prediction markets legal in Montana?

Montana's gaming regulator sent Kalshi cease-and-desist letters, and Kalshi sued the state in 2026. In September 2026 the case was dismissed with Montana agreeing not to enforce against Kalshi until a key Ninth Circuit ruling. Prediction markets remain available.

Prediction markets are available in Montana, but Kalshi is there under a truce. As of October 18, 2026, Montana has agreed not to enforce its gambling laws against Kalshi’s federally regulated contracts until the Ninth Circuit decides a related Nevada case.

Montana’s position

Montana’s sports betting is run by the state lottery through Sports Bet Montana, which “was launched after legislation passed in 2019 became law.” A 2025 law, SB 555, took effect on October 1, 2025 and bans unregulated online gambling; Casino.org reports that it covers prediction markets.

Kalshi in Montana

Montana’s Gambling Control Division sent Kalshi a cease-and-desist letter in 2025 and another in April 2026, per KPAX. Kalshi then sued state officials in federal court (KalshiEX v. Knudsen). A judge denied Kalshi a preliminary injunction without prejudice in August 2026, and on September 17, 2026 the parties filed a stipulation to dismiss. Under it, Montana “will not commence, pursue, or refer for prosecution any civil or criminal enforcement action” against Kalshi’s CFTC-traded contracts until the Ninth Circuit’s en banc decision in KalshiEX v. Assad, and must then give 30 days’ notice. See is Kalshi legal?

Other platforms

We found no Montana action against Polymarket US, Novig, PredictIt or Robinhood, though SB 555 could reach them too. Novig’s help centre lists only Michigan, Nevada and Arizona as excluded states. Some guides say Polymarket US excludes Montana, but its own documentation doesn’t say so, so check the app. Compare every state in our legality tracker.

Not legal or betting advice. 18+ (21+ where required). Prediction markets involve risk of loss — only trade what you can afford to lose. Gambling problem? Call or text 1-800-MY-RESET (National Problem Gambling Helpline, 24/7).