Tennessee council orders three prediction markets to halt sports contracts

The Tennessee Sports Wagering Council directed Kalshi, Polymarket and Crypto.com to stop sports-related activity for Tennessee residents and close local positions by 31 January, according to letters dated 9 January. The council said the products qualify as wagers under state law and warned of fines starting at $10,000 for a first violation and $25,000 for later violations. Kalshi said it has taken the state to federal court and disputes its position.