Wisconsin sues Kalshi, Polymarket, Robinhood, Crypto.com and Coinbase over sports event contracts
The Block
The Wisconsin Department of Justice filed lawsuits against five platforms, alleging their sports-related event contracts constitute illegal gambling under state law.Summary
The Wisconsin Department of Justice has filed three complaints against Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com, accusing them of offering sports-related event contracts that operate as illegal wagers. The state alleges these platforms violate commercial gambling statutes by facilitating betting on outcomes like NCAA tournaments. Wisconsin is seeking declaratory judgments and injunctions to stop these companies from offering such contracts to residents within the state, though it is not seeking to invalidate existing active contracts.
(Source：The Block)