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Tennessee orders Polymarket, Kalshi, and Crypto.com to stop sports prediction markets
Source: Yellow Original Title: Tennessee orders Polymarket, Kalshi, and Crypto.com to stop sports prediction markets
Original Link: https://yellow.com/es/news/tennessee-ordena-a-polymarket-kalshi-y-cryptocom-detener-los-mercados-de-predicción-deportiva Tennessee has become the ninth state to order prediction market platforms to cease sports betting operations.
The Tennessee Sports Wagering Council sent cease and desist letters on January 9 to Kalshi, Polymarket, and Crypto.com.
Kalshi filed a federal lawsuit on the same day.
Platforms must refund Tennessee users by January 31 or face fines of $25,000 per violation.
What happened
Tennessee’s sports betting regulator accused the platforms of operating unlicensed gambling games without the required consumer protections.
The state cited the lack of safeguards such as age verification for users to be 21 years old, self-exclusion lists, and betting limits.
Tennessee Attorney General Jonathan Skrmetti supported the measure after joining 37 attorneys general backing Maryland’s lawsuit against Kalshi.
The three platforms operate as registered designated contract markets before the CFTC and argue that federal oversight supersedes state law.
A federal judge temporarily blocked Connecticut from enforcing similar orders against Kalshi in December.
Oral arguments in Connecticut are scheduled for February 12.
Why it matters
Kalshi generated $23.8 billion in trading volume during 2025, with sports being the dominant category.
Platforms face enforcement actions in nine states, including Connecticut, Nevada, Maryland, Massachusetts, New York, New Jersey, Arizona, Illinois, and Ohio.
Legal observers expect the jurisdictional dispute to reach the Supreme Court.
The outcome will determine whether federally regulated prediction markets can operate nationwide or must obtain state gaming licenses.
State licensing requirements would fragment user bases and eliminate the business model based on national liquidity.