55 minutes ago
The authorities issued cease-and-desist orders to the firms to halt conducting "unlicensed online gambling" via their sports events contracts.
Dec 3, 2025, 10:32 p.m.
The authorities of Connecticut fired a ineligible volley against sports events contracts with a trio of cease-and-desist orders sent connected Wednesday to large prediction-market operations — Robinhood, Kalshi and Crypto.com.
The state's Department of Consumer Protection accused the companies of "conducting unlicensed online gambling, much specifically sports wagering."Each of the companies are "hereby ordered to instantly cease and desist advertising, offering, promoting, oregon different making disposable Contracts oregon immoderate different signifier of unlicensed online gambling to Connecticut residents," according to the authorities notices.
Robinhood argued connected Wednesday that it's regulated by the national government.
"As we've antecedently shared, Robinhood’s lawsuit contracts are federally regulated by the CFTC and offered done Robinhood Derivatives, LLC, a CFTC-registered entity, allowing retail customers to entree prediction markets successful a safe, compliant, and regulated manner," a spokesperson for Robinhood said successful an emailed statement.
The different 2 companies didn't instantly respond to requests for remark connected the letters.
“None of these entities person a licence to connection wagering successful our state, and adjacent if they did, their contracts interruption galore different authorities laws and policies, including offering wagers to individuals nether the property of 21," said Connecticut DCP Commissioner Bryan T. Cafferelli, successful a statement, which identified 3 companies arsenic having eligibility to connection sports wagering successful the state: Draft Kings (via Foxwoods), FanDuel (Mohegan Sun) and Fanatics (Connecticut Lottery).
The authorities said nonaccomplishment to comply could effect successful civilian oregon transgression penalties.
Just southbound of Connecticut, the authorities of New York is besides successful a legal quality with Kalshi implicit the aforesaid issue, and the crypto level is suing the authorities implicit its position. Kalshi and Crypto.com are regulated by the national Commodity Futures Trading Commission as designated declaration markets (DCMs). Kalshi has argued successful its New York ineligible situation that the authorities has nary close to interfere with that national oversight.
Last month, a national justice ruled successful Nevada that authorities regulators person jurisdiction implicit immoderate of that state's sports-based events contracts, perchance threatening the industry's statement connected this point. Kalshi, which was the institution progressive successful that case, was acceptable to appeal.
Polymarket, the biggest crypto-native prediction marketplace provider, rolled retired an app to much than 20 U.S. states — besides connected Wednesday — arsenic it prepares for a broader authoritative relaunch successful the U.S.
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