"The Commission takes its regulatory responsibilities to ensure compliance with the law and the integrity of sports gaming in Ohio seriously. Kalshi's refusal to stop offering sports gaming in Ohio necessitated the Commission to take action to uphold the requirements of Ohio law."
"District Judge Sarah Morrison ruled against Kalshi, saying she had an obligation to 'avoid absurdity.' Swaps, she said, are understood as a transaction involving financial instruments and measures that traditionally and directly affect commodity prices."
"Kalshi said in a statement to Business Insider that it's reviewing the gaming commission's fine. 'We are disappointed in this latest development, especially considering our ongoing litigation with Ohio and recent rulings in other courts confirming our right to operate as a federally licensed entity.'"
Kalshi faces a $5 million fine from the Ohio Casino Control Commission for unlicensed sports betting. The commission emphasized its commitment to regulatory compliance and integrity in sports gaming. A federal court previously ruled that Kalshi's sports-related prediction market bets qualify as gambling, necessitating state regulation. Kalshi had sought to classify these bets as swaps, but the judge rejected this, stating that such bets do not align with traditional financial instruments. Kalshi is currently reviewing the fine amid ongoing litigation with Ohio.
Read at www.businessinsider.com
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