Ho-Chunk Nation and Wisconsin sue Kalshi over prediction markets
Regulation1 min read
The Ho-Chunk Nation and Wisconsin have filed lawsuits against online prediction markets including Kalshi, alleging that they operate illegal gambling businesses. Tribal nations say the platforms divert revenue from casinos that fund essential tribal services, while Kalshi says federal regulations govern its activities and that it will defend the lawsuits.
The Ho-Chunk Nation and Wisconsin have filed lawsuits against online prediction markets including Kalshi, alleging they are illegal gambling operations.
The platforms draw money away from casinos that pay for essential tribal services, tribal nations argue. Kalshi says federal rules govern its operations and it will fight the lawsuits.
Kalshi was initially thought to be a scam, Ho-Chunk Nation Vice President Lambert Cleveland said at a recent Milwaukee forum.