New Jersey's Department of Gaming Enforcement issued a cease and desist order to Robinhood and Kalshi, demanding they halt sports prediction market offerings to residents, as these violate state laws. This action follows Massachusetts' investigation into Robinhood's activities. The letter cites unauthorized sports wagering, threatening potential sanctions for noncompliance. Both companies had launched products related to sports predictions, including betting on March Madness. Kalshi, which offers similar services, disputes the legal characterization of its activities, asserting compliance with regulations despite recent notices from Nevada's Gaming Control Board.
The New Jersey Department of Gaming Enforcement's cease and desist order mandates Robinhood and Kalshi to stop offering sports prediction markets to state residents, citing legal violations.
In a proactive move, New Jersey regulators mirrored Massachusetts' investigation into Robinhood and Kalshi's allegedly unauthorized sports wagering activities in the state.
Both companies face potential sanctions if they fail to halt their sports prediction operations following the New Jersey Gaming Enforcement letter asserting violations of state law.
Kalshi has responded to the cease and desist order, asserting compliance with laws and challenging the characterization of their offerings as illegal sports betting.
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