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Connecticut has filed a lawsuit seeking to halt prediction market platform Kalshi’s sports event betting service, as a broader conflict between state governments and federal authorities intensifies in the U.S.
The Connecticut attorney general said the event contracts amount to gambling in substance and argued state law must apply to protect minors and prevent gambling addiction. Kalshi pushed back strongly, saying the action was arbitrary enforcement targeting Kalshi while leaving other prediction markets untouched. The U.S. Commodity Futures Trading Commission is also pursuing countersuits against state governments, arguing they are infringing on the authority of federally regulated exchanges. With nearly half of U.S. states split against the federal government and court rulings evenly divided, the dispute is expected to head to the U.S. Supreme Court for a final decision soon.