MADISON, Wis. (WRN) — Wisconsin is suing online prediction markets on allegations of facilitating illegal sports betting in Wisconsin.
Attorney General Josh Kaul says Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com have been able to work around state law.
“By thinly disguising the sports betting that they facilitate through what are called event contracts. But our position in this case is that event contracts are no different than ordinary sports bets. The companies collect a fee, we allege, for every bet that’s made, leading them to earn significant revenue from Wisconsinites,” Kaul said.
Kaul says the suit has no impact on a new state law which legalizes online sports betting in Wisconsin.