Robinhood sues New Jersey and Nevada gaming regulators over prediction markets
Robinhood filed lawsuits against New Jersey’s Division of Gaming Enforcement and the Nevada Gaming Commission amid threats of regulatory action against its products. New Jersey had alleged that Robinhood’s contracts amounted to unlicensed sports betting, while the company says its event contracts are offered through a CFTC-registered futures commission merchant.
The lawsuits challenge state regulators’ authority over Robinhood’s prediction-market products, including sports contracts.