Robinhood sues New Jersey, Nevada over sports contract threats

Robinhood Derivatives has sued New Jersey and Nevada regulators to stop any potential regulatory action over its sports event contracts.

The derivatives arm of trading platform Robinhood has sued regulators in Nevada and New Jersey in a bid to head off any potential enforcement action from the states over its sports event contracts.

In a pair of complaints on Tuesday against Nevada and New Jersey gaming regulators and their attorneys general, Robinhood Derivatives said it started offering the event contracts in the states after federal courts earlier this year allowed prediction market Kalshi to offer the contracts.

Robinhood claimed in separate lawsuits that after those rulings, Nevada and New Jersey continued trying to stop the company from offering the contracts even though the courts stopped it “from doing so against Kalshi with respect to the same transactions.”

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