Tennessee orders Kalshi, Polymarket and Crypto.com to cease sports betting contracts
Tennessee regulators have ordered Kalshi, Polymarket, and Crypto.com to cease offering sports event contracts to residents in the state, alleging that the firms have violated state gambling laws by operating without the required licenses.
In cease-and-desist letters dated Jan. 9, the Tennessee Sports Wagering Council (SWC) accused all three firms of illegally offering sports wagering products under the guise of event contracts.
The companies currently operate under registration with the Commodity Futures Trading Commission (CFTC) as designated contract markets, offering users the ability to buy contracts based on the outcome of sports events.
But under Tennessee’s Sports Gaming Act, any entity that accepts wagers on sporting events must…
