Connecticut regulator orders three prediction platforms to stop sports contracts
Connecticut’s Department of Consumer Protection Gaming Division issued cease-and-desist letters on 3 December to KalshiEX, Robinhood Derivatives and Crypto.com over sports contracts it said violated state law. It ordered the platforms to stop operations and promotions and allow users to withdraw funds; Kalshi filed suit the following day, arguing federal law gives the CFTC exclusive authority.
The order and Kalshi’s lawsuit sharpen the dispute over whether states can regulate prediction-market sports contracts as gambling.