Online bettors think the Minneapolis mayoral race is neck and neck

Prediction markets show a highly competitive race for the Minneapolis mayoral election, with incumbent Jacob Frey holding a slight edge at 51% according to PredictIt. Challenger Omar Fateh, recently endorsed by the Minneapolis Democrats, is closely trailing with a 50% chance of victory. On Kalshi, traders give Frey a stronger 63% chance, reflecting more than $6,500 in bets on the outcome. Despite Minnesota's ban on online betting, these platforms classify transactions as trades, with PredictIt operating under CFTC approval for academic purposes. Individual risk limits on PredictIt are capped at $3,500, aligning with federal election contribution limits, while Kalshi allows up to $25,000 per question.

National elections have become particularly popular among traders, with $500 million wagered on the upcoming 2024 presidential election. In addition to political events, Kalshi offers contracts on various topics, including sports and weather. The PredictIt site also features local issues, such as predictions on the 2026 U. S. Senate seat election, currently favoring the Democrats at nearly 80%.