Conflicting federal appeals rulings have left the status of sports-event contracts divided between CFTC oversight and state gambling law.
Attorney General Catherine Hanaway says the companies must obtain gaming licences, meet age controls and pay state taxes or face enforcement.
A joint stipulation bars state action while Kalshi seeks further review of the Nevada sports-contracts ruling.
Stop Predatory Gambling says prediction-market promotions exposed the USTA’s junior audience to gambling risks as tennis trading surged during the tournament.
The trade group says sports-event contracts are bets in substance and should stay within state gambling rules.
The USTA also barred rival prediction-market ads in the arena and on TV, including ESPN
The state wants to bar the prediction-market platform from offering unlicensed event contracts after an earlier injunction fight failed.
The 3-0 ruling said the wagers are sports bets, not swaps, in a setback for Kalshi, Crypto.com and Robinhood.
Henry Williams called a CFTC proposal “meritless” as Michigan’s exit from the problem-gambling council fed a fight over who sets the rules.
The company’s latest CFTC submissions would take it further into traditional derivatives, after its bitcoin perpetual contract opened the door in late May.
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