New Jersey Orders Kalshi and Robinhood to Cease Offering Sports Event Prediction Markets
JH Kim
Summary
- New Jersey regulators ordered Kalshi and Robinhood to cease offering sports event prediction markets.
- The New Jersey Gaming Enforcement Bureau determined that the platform was illegally operating sports betting.
- The demand to cease services and nullify existing sports bets could significantly impact investors.
On the 28th (local time), according to Decrypt, a media outlet specializing in virtual assets (cryptocurrency), New Jersey regulators ordered Kalshi and Robinhood to stop offering sports event-related prediction market services to New Jersey residents.
Previously, Robinhood had launched a prediction market hub accessible across the United States through KalshiEX.
The media reported, "The New Jersey Gaming Enforcement Bureau determined that the platform was illegally operating sports betting services," and "requested the cessation of related services and the nullification of existing sports bets."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
