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Wisconsin sues Kalshi, Coinbase, Polymarket, Robinhood and Crypto.com over prediction markets
Wisconsin filed complaints against five companies and partners tied to prediction markets, arguing their event contracts are unlicensed gambling products. The suits say users pay money on real-world outcomes and can receive a fixed $1 payout if correct, including on NCAA tournament games. The cases deepen the fight over whether prediction market contracts fall under state gambling law or CFTC oversight.