Kalshi, Polymarket sued by Baltimore over sports event contracts

Baltimore has sued Kalshi and Polymarket over alleged unlicensed sports betting, with its case against Kalshi also naming Coinbase, Robinhood and Webull over their role in distributing sports event contracts. Summary Baltimore has sued Kalshi and Polymarket over alleged unlicensed sports betting. The Kalshi lawsuit also names Coinbase, Robinhood and Webull over their distribution of sports event contracts. Baltimore alleges the platforms offer sportsbook style markets without required state licenses and consumer protections. The city is seeking penalties, customer restitution and an order blocking unauthorized sports betting. According to complaints filed Thursday by Mayor Brandon Scott and the Baltimore City Council in Baltimore City Circuit Court, the prediction market operators allegedly violated the city’s Consumer Protection Ordinance by making sports contracts available without the licenses required for sports wagering. Baltimore says prediction markets operate like sportsbooks At issue are contracts tied to sporting events that Baltimore says function in much the same way as bets sold by licensed sportsbooks. The city’s complaints cite markets covering game winners, point sp...