SectorWire
SearchGet the daily briefing
Menu

Kalshi sues Connecticut after state orders prediction platforms to stop

Regulation

Connecticut’s Department of Consumer Protection ordered Kalshi, Robinhood and Crypto.com to stop prediction-market activity it said constituted illegal sports betting, and demanded that they return customer funds. Kalshi then sued the state in federal court, arguing that its Commodity Futures Trading Commission regulation allows it to offer event markets nationwide.

The case tests Connecticut’s authority over prediction markets and could affect platforms offering event contracts in the state.

This story so far

Request a correction

Keep reading

Enforcement & compliance

Connecticut orders nine prediction platforms to stop sports contracts

Connecticut’s Department of Consumer Protection ordered nine prediction-market platforms to stop offering sports event contracts to state residents, officials said. The orders also require the platforms to let Connecticut customers withdraw funds; non-compliance could bring civil or criminal penalties. The department said it issued subpoenas to licensed gaming service providers, media organisations and app-store or payment-related businesses, whose recipients are not under investigation.

Continue reading