Robinhood’s foray into sports prediction is in jeopardy, if a recent lawsuit against Kalshi filed by Michigan is any indication, according to a lawsuit against state officials.
The Chicago-based financial services company, which offers sports contracts through Kalshi and has plans to soon offer them through another entity, argued that federal law giving regulatory power to the Commodity Futures Trading Commission overrides the ability for Michigan Attorney General Dana Nessel (D) and the state Gaming Control Board to take any action. It’s asking a federal judge to block state officials from acting against it.
The suit was filed Wednesday in ...