Massachusetts Blocks Kalshi's Sports Betting Operations Amid Legal Battles
A Massachusetts judge halted Kalshi's sports betting operations in the state, ruling it violated local gambling laws. The attorney general emphasized the importance of regulating such activities for public health and financial integrity. Kalshi plans to appeal, arguing its contracts fall under federal commodity law jurisdiction.
In Massachusetts, a Suffolk County judge ruled to prevent Kalshi, a prediction-markets operator, from offering sports betting services to state residents through its online platform. The decision followed the state's attorney general's assertions that Kalshi was flouting gaming regulations by letting users place financial bets without a license.
The ruling came from Judge Christopher Barry-Smith, who stated that sports wagering licensing is critical for public safety and financial interests. He plans to make the injunction permanent, pending a hearing on Friday, which will also address whether to pause the order for an appeal process.
The attorney general hailed the decision as crucial for strengthening Massachusetts' gambling laws and addressing the public health risks of unregulated betting. Kalshi, which offers contracts on various events, disputes state gaming laws' applicability, citing CFTC jurisdiction over their offerings. The company intends to challenge the ruling.
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