Kalshi and Rhode Island sue each other in latest challenge to prediction markets

Kalshi and Rhode Island sue each other in latest challenge to prediction markets

Rhode Island joins other states that have taken similar legal action.

Rhode Island sues Kalshi and Polymarket over betting revenue

Rhode Island has filed a lawsuit against Kalshi and Polymarket for operating sports betting-like products in violation of the law and harming the state’s regulated revenues from gambling and lottery operations. The lawsuit was filed by Attorney General Peter F. Neronha. He claims that there is “no real difference” between traditional sports betting and the contracts for sports events available through both prediction market operators. In his com…