Robinhood Derivatives LLC jumped into Massachusetts’ fight with sports prediction market Kalshi by asking a federal court to block state efforts to shut down trades on the service.
Massachusetts Attorney General Andrea Joy Campbell sued Kalshi for running its platform as an unlicensed sports betting service, a conclusion rejected by Robinhood, which offers its users the ability to trade Kalshi event contracts on its platform.
Robinhood’s lawsuit said state officials like Campbell and Massachusetts Gaming Commission don’t have a say in prediction markets run by Kalshi because it is federally regulated by the Commodity Futures Trading Commission.
Federal courts in ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.