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Connecticut orders Kalshi, Robinhood, and CEX to stop sports betting operations

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On December 4, according to CoinDesk, Connecticut launched a legal offensive against the sports event contracts sector, issuing cease-and-desist notices on Wednesday to three major prediction market operators—Robinhood, Kalshi, and CEX. The state’s Department of Consumer Protection accused these companies of engaging in “unlicensed sports betting.” According to the state’s notice, these companies are “hereby ordered to immediately cease and desist from advertising, offering, promoting, or in any way providing contracts or other forms of unlicensed online gambling to Connecticut residents.” Robinhood responded on Wednesday, arguing that the company is regulated by the US federal government.

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