Baltimore and its mayor, Brendan Scott, have filed legal actions against two major prediction market platforms—Kalshi and Polymarket—arguing that the companies are conducting sports-betting activity without the required licenses and have misrepresented how their products are regu...
- Baltimore has filed lawsuits against prediction market platforms Kalshi and Polymarket, alleging they operate illegal, unlicensed sports-betting platforms and mislead users about their regulatory status in Maryland.
- The core of the dispute lies in whether 'event contracts' offered by these platforms constitute unlawful wagers under state law, challenging federal classifications by the CFTC that view them as 'swaps'.
- This legal action highlights a growing tension between federal and state regulatory approaches to prediction markets, with potential implications for the broader industry and possible Supreme Court review.
Topics: Legal regulatory, Jurisdictions, Scalability, Securities law classification, Regulatory sandboxes pilots, Market depth liquidity
Tags: #predictionmarkets #kalshi #polymarket #sportsbetting #licensing #maryland #cftc #eventcontracts #regulatorydispute #robinhood
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