Garden State regulators have taken action to halt sports prediction markets offered by companies like Robinhood and Kalshi in New Jersey. Following a cease and desist order from the New Jersey Department of Gaming Enforcement, the companies were instructed to void wagers made by residents of the state. This move comes after similar actions by Massachusetts regulators against Robinhood. The companies have until Friday to comply with the order and cease offering prediction markets to New Jersey residents. Despite claims from both companies that their offerings are legal and regulated, regulators in multiple states have raised concerns about the legality of these markets. With the increasing popularity of sports betting since the Supreme Court ruling in 2018, the intersection of trading options and sports betting has sparked debate among regulators and lawmakers. As companies like Robinhood and Kalshi defend their prediction markets, the industry awaits further developments in the regulation of these products.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
