Trump Administration Sues Illinois, Arizona, Connecticut To Shield Kalshi, Polymarket From Gambling Laws

Benzinga_recent_news02:41

The lawyer who got Kalshi legalized in 2024 is now at the Department of Justice, suing three states to protect the prediction market industry. Yaakov Roth, principal deputy assistant attorney general,...

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The lawyer leading the federal case previously represented Kalshi.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HOOI":"Defiance Leveraged Long + Income HOOD ETF","DKNG":"DraftKings Inc.","HOII":"REX HOOD Growth & Income ETF","HOOY":"HOOD期权收益策略ETF-YieldMax","FLUT":"Flutter Entertainment PLC","BK4127":"投资银行业与经纪业","ROBN":"2倍做多HOOD ETF-T-REX","HOOW":"Roundhill HOOD WeeklyPay™ ETF","HOYY":"GraniteShares YieldBOOST HOOD ETF","HOOZ":"2倍做空HOOD ETF-Defiance","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","HOOG":"2倍做多HOOD ETF- Leverage Shares","BK4539":"次新股","HODU":"Direxion Daily HOOD Bull 2X ETF","HOOX":"2倍做多HOOD ETF-Defiance","BK4547":"WSB热门概念","LU1861558580.USD":"日兴方舟颠覆性创新基金B"},"translate_title":"特朗普政府起诉伊利诺伊州、亚利桑那州和康涅狄格州，以保护Kalshi和Polymarket免受赌博法的影响","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HOOX":0.6,"HOOI":0.6,"DKNG":1.9,"HOOG":0.6,"HOII":0.6,"HODU":0.6,"HOOY":0.6,"HOYY":0.6,"ROBN":0.6,"FLUT":1.85,"HOOZ":0.6,"HOOW":0.6},"content_text":"The lawyer who got Kalshi legalized in 2024 is now at the Department of Justice, suing three states to protect the prediction market industry.\nYaakov Roth, principal deputy assistant attorney general, filed federal lawsuits Thursday against Illinois, Arizona and Connecticut to block state gambling regulators from touching CFTC-registered prediction markets. Illinois Gov. J.B. Pritzker is named as a defendant.\nCFTC Chairman Mike Selig said the agency would “defend market participants against overzealous state regulators” and warned against a “fragmented patchwork” of state-by-state rules.\nThe core claim: event contracts on platforms like Kalshi, Polymarket and Crypto.com are federal derivatives, not sports bets. \nThe complaints argue that state cease-and-desist orders make it impossible for exchanges to comply with the CFTC’s requirement to provide “impartial access” to all participants nationwide. \nIf a state bans the contract, the exchange can’t fulfill its federal mandate.\nThis is the first time the CFTC has directly sued states over prediction market jurisdiction.\nA federal court ruling affirming CFTC preemption could open prediction markets in all 50 states. \nDraftKings launched its Predictions platform in late 2025 and called it the most compelling growth opportunity since PASPA’s repeal. \nAnalysts estimate prediction markets could generate $10 billion in gross revenue with margins between 60% and 80%, well above DraftKings’ sportsbook margins.\nIf states prevail, the patchwork of restrictions may benefit incumbent licensed sportsbooks. If the CFTC wins, the competitive threat from Kalshi and Polymarket could intensify for both DKNG and FLUT.\nDonald Trump Jr. currently advises both Polymarket and Kalshi, and Trump Media has its own prediction market ambitions. \nThe Ninth Circuit hears oral arguments April 16 in the consolidated Nevada case involving Kalshi, Robinhood Markets Inc. (NASDAQ:HOOD) and Crypto.com.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624681351","isCrawlerRequest":true}