Judge Issues Temporary Restraining Order Against Prediction Market Operators in Louisiana
The order follows a state lawsuit alleging the platforms operate unlicensed gambling businesses and could face jail time and significant penalties.
- On Thursday, a Tangipahoa Parish judge issued a temporary restraining order blocking prediction markets including Kalshi, Polymarket, and Robinhood from operating in Louisiana, following a lawsuit by Attorney General Liz Murrill.
- Murrill argued the companies are unlicensed, stating, "It's not complicated: if you aren't a licensed gaming operator, you aren't legal," while operators contend their event contracts are federally regulated financial products.
- The state's filing targets event contracts allowing bets on everyday occurrences, from Federal Reserve interest rates to Oscar winners, with the Attorney General arguing that "in today's digital betting market, virtually anything can become a wager."
- Customers received notices stating, "Your government says you can't use Kalshi anymore," after the state decided to end access without a hearing, though users reported they were still able to buy contracts.
- A preliminary injunction hearing is scheduled for November 30, building on a separate federal lawsuit Kalshi filed two weeks ago against state officials, arguing Louisiana lacks the authority to regulate its gambling service.
14 Articles
14 Articles
Judge issues temporary restraining order against prediction market operators in Louisiana
A Louisiana judge issued a temporary restraining order on November 12 against prediction market operators including Kalshi, Polymarket, Coinbase, and Robinhood following a lawsuit by Attorney General Liz Murrill alleging illegal gambling operations.
The Advocate
‘Your government says you can’t use Kalshi anymore:’ Companies react to Louisiana court order
After a Louisiana judge issued a temporary restraining order telling websites to stop offering prediction markets, Kalshi customers in the state received a message from the company Friday saying, “Your government says you can’t use Kalshi anymore.”
Louisiana judge blocks prediction markets, crypto platforms over AG's illegal betting claims
Prediction markets: Kalshi Inc., QCX LLC (doing business as Polymarket US), ForecastEx LLC, Ludlow Exchange LLC (Novig), and ProphetX Opco LLC (ProphetX). Financial and crypto platforms: Robinhood Markets Inc., Coinbase Global Inc., Foris DAX Inc. (Crypto.com) and Gemini Trust Company LLC. Sports and derivatives entities: Underdog Sports Holdings Inc., North American Derivatives Exchange Inc. and IG Group Holdings PLC.
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