Kalshi and Rhode Island sue each other in latest challenge to prediction markets
Kalshi and Rhode Island are engaged in a legal dispute over the regulation of prediction markets. Rhode Island's attorney general has filed a lawsuit against Kalshi and Polymarket, claiming they are circumventing state regulations on sports betting. In response, Kalshi has filed its own lawsuit arguing that federal regulation should apply instead.
- ▪Rhode Island's attorney general sued Kalshi and Polymarket for violating state sports betting regulations.
- ▪Kalshi argues that its event contracts should be regulated at the federal level by the CFTC.
- ▪The outcome of this legal battle could set a precedent for prediction markets in other states.
Opening excerpt (first ~120 words) tap to expand
News Kalshi and Rhode Island sue each other in latest challenge to prediction markets Rhode Island joins other states that have taken similar legal action. By Jackson Chen May 24, 2026 11:38 am EST Samuel Boivin/Shutterstock Rhode Island is the latest state to challenge prediction markets on the legality of sports betting within its jurisdiction. As reported by The Providence Journal, opposing lawsuits from the state's attorney general, Peter Neronha, and Kalshi were filed against each other earlier this week. Neronha sued both Kalshi and Polymarket, accusing the platforms of circumventing the state's regulations that only allows sports gambling through a singular state-sponsored platform.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Engadget.
Discussion
0 commentsMore from Engadget
