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Underdog Sports surrenders fantasy licences in seven US states

Enforcement & compliance

Underdog Sports founder and chief executive Jeremy Levine said the company will surrender its fantasy sports licences in Massachusetts, Maryland, Michigan, Mississippi, New Jersey, Pennsylvania and Ohio. The company will stop accepting new Drafts entries in those states and close the product when the 2026 NFL season begins on 9 September, while allowing existing drafts to finish; Levine said the move followed state regulators’ positions on its prediction markets.

The decision ends new Drafts entries in seven states while Underdog prioritises its prediction-market offering.

Earlier fines and penalties by CFTC

DateCompanyAmountStoryAppeal status
KalshiUSD 65,000CFTC fines Gabriel Perez $65,000 over Kalshi speech wagersNot stated
Not namedUSD 172,000CFTC sanctions Gabriel Perez over US prediction market tradesNot stated
PolymarketNot statedUS authorities reportedly investigate further prediction-market insider trading casesNot stated
KalshiNot statedConnecticut seeks injunction against Kalshi’s sports event contractsNot stated
Kalshi, GeoComplyUSD 120,000Washington court bars Kalshi sports contracts while allowing financial marketsNot stated

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Enforcement & compliance

Utah prosecutors bring 14 criminal counts each against Kalshi and founders

Utah prosecutors filed 14 criminal counts each against Kalshi, chief executive Tarek Mansour and chief operating officer Luana Lopes Lara, according to the report. The charges include a second-degree felony allegation of a pattern of unlawful activity; Kalshi argues its CFTC-regulated products fall under federal jurisdiction, while Utah says federal registration does not exempt the company from state gambling restrictions.

Utah has filed 14 criminal counts each against Kalshi, chief executive Tarek Mansour and chief operating officer Luana Lopes Lara. The charges include a second-degree felony count of pattern of unlawful activity.

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