The Connecticut Department of Consumer Protection has ordered prediction market platforms Kalshi, Robinhood, and Crypto.com to stop offering sports event contracts to users in Connecticut, labeling these offerings illegal, unlicensed online gambling.
The move is one among many in which states are cracking down on sports prediction market platforms.
Massachusetts has filed a lawsuit in state court against Kalshi, while similar actions have been taken by tribes in Arizona, Illinois, Maryland, Montana, Nevada, New Jersey, Ohio, and New York.
In a statement, the Connecticut Department of Consumer Protection Gaming Division announced it had issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com. It also noted that failure to follow these orders could lead to criminal charges being filed against the platforms.
