SectorWire
SearchGet the daily briefing
Menu

Connecticut officials sue Kalshi over sports event contracts

Regulation

Connecticut Attorney General William Tong, Department of Consumer Protection commissioner Bryan T. Cafferelli and Governor Ned Lamont announced a lawsuit against Kalshi on 26 August. The state says Kalshi’s sports-related contracts constitute sports betting and require a Connecticut licence; Kalshi argues that its products are federally regulated financial derivatives. A federal judge previously allowed Connecticut enforcement to continue while the case proceeds, and Kalshi has appealed.

The case will test whether Connecticut can apply its gambling laws to Kalshi’s sports event contracts.

This story so far

Request a correction

Keep reading

Regulation

Underdog sues Connecticut officials over sports-event contract restrictions

Underdog filed a federal lawsuit against Connecticut officials after the state Department of Consumer Protection ordered it and eight other companies to stop offering or advertising sports-event contracts and let users withdraw existing funds. The company asked the court to block state enforcement, arguing that federal law gives the Commodity Futures Trading Commission authority over its event contracts; Connecticut officials say the contracts breach state gaming rules.

Continue reading