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Maryland fifth state to send cease-and-desist letters to Robinhood, Kalshi and Crypto.com

fifth

The state joins Nevada, New Jersey, Ohio and Illinois in seeking to ban sports prediction markets.

maryland pillar

Maryland has become the fifth state to send cease-and-desist letters to Kalshi, Robinhood and Crypto.com as the Maryland Lottery and Gaming Control Commission has directed the companies to stop offering sporting event contracts in the state.

Maryland joins Illinois, Ohio, Nevada and New Jersey in seeking to ban the companies from offering what they believe amounts to de facto sports betting.

“We view this as a legal matter and a consumer protection matter and there is also a fiscal interest for the state,” said Maryland Lottery and Gaming director John Martin in a press release. “Each of Maryland’s legal sports wagering operators completed a rigorous licensing process and is subject to extensive regulations that include responsible gaming requirements. The commodity traders aren’t bound by those same guardrails. They’re conducting sports wagering without a licence and, in doing so, they’re avoiding the collection of sports wagering taxes that legal operators pay to the state.”

Robinhood, Kalshi and Crypto.com have been notified that their prediction markets directly violate Maryland’s gaming laws, which specifically define what constitutes sports wagering – namely, the outcome of a sporting event. State officials also noted that platforms offering wagers on sporting events must verify participants are at least 21 years old and physically located within state borders – requirements that commodity traders are not bound by.

Growing number

Before Maryland, Illinois was the most recent state to send the cease-and-desist letters to Kalshi, Robinhood, and Crypto.com.

The Ohio Casino Control Commission sent similar letters to the three companies last Monday and the Friday before that Kalshi filed lawsuits against gaming regulatory bodies in both Nevada and New Jersey after receiving cease-and-desist letters from those state gaming agencies.

Read the full story here.

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