Name: Kalshi's Legal Battle in Connecticut: A Prediction Market Fight
Uploaded: 2025-12-12T16:24:06-05:00
Duration: 3 min 22 s
Description: Kalshi faces a legal challenge in Connecticut over its prediction market operations, with a court hearing in February, potentially affecting its future.

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Kalshi faces a legal challenge in Connecticut over its prediction market operations, with a court hearing in February, potentially affecting its future.

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Kalshi's Legal Battle in Connecticut: A Prediction Market Fight

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Connecticut and other states have issued a cease and desist to Kalshi for violating anti-gambling laws. Daniel Wallach joins the show to discuss further.

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All right, let's get to another prediction market company, one of the prominent ones. Calci, of course, undergoing some changes in the state of Connecticut. They want to stay operating. The state of Connecticut says you gotta get out, but at least the two sides have come together here to say, let's take a look at this coming up in February. That's really good news for Calci, but does this mean it's the beginning of the end for them there with this agreement? Yeah, this is a really interesting case in terms of all the state prediction market fights we have. Connecticut actually went as far to not just send cease and desists to Calie, but try to enforce them leaving the state. It's, it's kind of common knowledge that whenever a cease and desist is sent, it doesn't really have a lot of weight or teeth behind it unless, you know, federal authorities get involved or in this case. Connecticut's Department of Consumer Protection is getting involved trying to kick Calsie out of the state. In response, Calci kind of countersued them and took them to court, and now the Connecticut Department of Consumer Protection has agreed to a joint stipulation agreement which pretty much puts this all into proceedings in court over the next two months. So that means that Calci will get to keep. Offering its prediction markets in Connecticut over the next two months while the legal proceedings play out, Calcihy pretty much argued that it would be harmed immediately if it had to leave the state and the cease and desist was enforced. So in response, Connecticut has agreed to respond to their motion for a preliminary injunction by January 9th. Then Calci has until January 30th to respond. Then both sides go to court in US District Court in Connecticut on February 12th, but this is just, you know, yet another example of how Calci is kind of balancing the many state fights it has over prediction markets. You know, certainly Nevada, New Jersey, Maryland, a host of other states have taken issue. Connecticut really the one that's gone farthest with actually trying to get the cease and desist enforced. Obviously Connecticut thinks that this is sports betting or unlicensed wagering. In their argument they've said that, you know, they don't have the integrity monitoring procedures that licensed sports books have to have in Connecticut. Winnings may not be paid out as advertised because it kind of all goes down to the prediction market house rules and is really subject for the companies themselves. So, you know, not instances like where you have people going to the state are. Doing that, hey, DraftKings and FanDuel didn't pay me out correctly. There's actually a recourse for people who can, you know, work that through with the state. It's not in this case, as well as offering prediction markets to people under the age of 21, you have to be 18 to play on Calie in Connecticut. Obviously you have to be 21, as well as offering markets that Connecticut says it's. Concerned about insider trading, these are things that are, you're not allowed to bet on on sports books in Connecticut. Things like award shows, things like who's going to win NFL MVP, things that are kind of determined before they're announced. You can bet on Calhi. So, it'll be a really interesting court case to follow among the other ones throughout, um, you know, the first two months of next year. Um, what the judges initially, who they side with and how it might influence other states is obviously there's a lot of legal fights on Calci's hands right now, but so far they've been allowed to kind of just persist for the next couple of months, so we'll definitely keep an eye on this one.

Kalshi's Legal Battle in Connecticut: A Prediction Market Fight

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