Connecticut orders Robinhood, Crypto.com, Kalshi to stop prediction markets

Connecticut has sent cease and desist letters to Robinhood, Crypto.com and Kalshi, claiming the platforms' event contracts are unlicensed sports betting.

The US state of Connecticut has hit Robinhood, Kalshi and Crypto.com with cease and desist orders, accusing the platforms of offering unlicensed sports betting through event contracts.

The Connecticut Department of Consumer Protection (DCP) sent letters to the three platforms on Wednesday, claiming they were “conducting unlicensed online gambling, more specifically sports wagering,” with event contracts available online.

“None of these entities possess a license to offer wagering in our state, and even if they did, their contracts violate numerous other state laws and policies, including offering wagers to individuals under the age of 21,” said DCP Commissioner Bryan Cafferelli.

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