The Connecticut Department of Consumer Protection has issued cease-and-desist orders to nine companies it accuses of illegally operating prediction markets in the state.
Prediction markets let users buy and sell “yes” or “no” contracts tied to the outcome of an event, including sports. State officials say some of these platforms are not following the same rules as licensed sportsbooks.
“Prediction markets offering sports wagers in ct are operating in violation of ct gaming laws and in violation of ct unfair practices law,” said Bryan Cafferelli, Commissioner, Connecticut Department of Consumer Protection.
Connecticut has a regulated sports betting system, with DraftKings, FanDuel and Fanatics licensed to operate in the state.
