Wisconsin Joins Prediction Market Fight, Suing Kalshi, Coinbase, Polymarket, Robinhood and Crypto.com

Wisconsin joins prediction market fight, suing Kalshi, Coinbase, Polymarket, Robinhood and Crypto.com

The state's complaint highlights language used by prediction market platforms as language for gambling, not investing.

‘No company is above this law’: Wisconsin attorney general suing prediction market companies

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AG Kaul suing prediction market titans Kalshi, Coinbase and others

Attorney General Josh Kaul is suing prediction markets Kalshi, Coinbase, Polymarket and others, alleging an illegal gambling schemes in Wisconsin.

Wisconsin DOJ Sues Coinbase, Kalshi and 3 More Over Sports Betting Event Contracts

TLDR: Wisconsin sued five firms over sports contracts it says function like illegal sports betting. Kalshi says federal law and CFTC oversight place prediction markets outside state control. Coinbase cited a Third Circuit ruling against state-by-state regulation of derivatives. DOJ seeks injunctions to block sports event contracts for Wisconsin-based customers. Wisconsin’s Department of Justice has filed lawsuits against Coinbase, Kalshi, Robin…

Wisconsin Sues Kalshi, Polymarket, Crypto.com Over Sports Contracts in 'Race to the Courthouse'

Key Takeaways ▸ State also names Robinhood and Coinbase in Kalshi case, seeking injunctions and forfeitures as it argues prediction markets function as illegal sports betting. ▸ Wisconsin says sports event contracts are “indistinguishable from an ordinary sports bet,” underpinning its claim that prediction markets violate state gambling law. ▸ The actions reflect an evolution in states’ strategy which includes what gaming attorney Daniel Wallac…