Connecticut Takes Aim at Prediction Market Platforms, New York Joins Growing Regulatory Push

Connecticut regulators have launched a crackdown on prediction market platforms, issuing cease-and-desist orders to prominent firms like Robinhood and Kalshi. The state claims these companies are engaging in unlicensed sports betting through event-contract offerings. This action follows a growing trend of state-level legal actions against prediction markets nationwide. Meanwhile, Fanatics has capitalized on the expanding market with its own platform launch, Fanatics Markets, powered by Crypto.com.