Connecticut Joins Fight Against Prediction Market Upstarts (2)

Connecticut’s Department of Consumer Protection has issued cease-and-desist orders against Kalshi, Robinhood and Crypto.com, setting up another legal scuffle for prediction-markets firms that argue they don’t need to answer to state law.

“Only licensed entities may offer sports wagering in the state of Connecticut,” DCP commissioner Bryan T. Cafferelli said in a statement on Wednesday. “None of these entities possess a license to offer wagering in our state, and even if they did, their contacts violate numerous other state laws and policies, including offering wagers to individuals under the age of 21.”

In separate statements, Robinhood and Kalshi ...