MADISON, Wis. (WRN) — The federal government sues Wisconsin over a lawsuit targeting prediction markets.
Prediction markets allow people to place bets on the outcomes of just about anything – including sports. Wisconsin Attorney General Josh Kaul filed the state’s civil suit last week. Kaul argued such markets violate the state’s sports betting law. Sites targeted in the suit filed in Dane County include Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com.
The federal Commodity Futures Trading Commission argues that it has exclusive jurisdiction over regulating prediction markets. The commission has already sued Connecticut, Illinois and New York.