Robinhood can’t shield itself from potential efforts by Massachusetts to enforce state gambling laws against sports prediction markets like Kalshi because its fears of a crackdown aren’t ripe for review, a federal judge said.
The ruling puts focus on a hearing next week where a state court judge will consider Massachusetts Attorney General Andrea Joy Campbell’s (D) bid to shut down Kalshi’s operations in the state because its market functions as a sportsbook run outside of state oversight. The sports prediction bets that Robinhood users can currently make are run through Kalshi’s markets.
Judge Richard G. Stearns of the US ...