Connecticut regulators issued stop-orders to Kalshi, Robinhood, and Crypto com for allegedly running unlicensed online gambling disguised as prediction markets. Officials say the platforms pose consumer risks and must halt services immediately.

"Under the cease-and-desist orders, Kalshi, Robinhood and Crypto.com must immediately stop advertising, offering, promoting or otherwise making sports event contracts or any other unlicensed online gambling products to Connecticut residents. They must also allow residents to withdraw any funds currently held on their platforms. Failure to comply could trigger civil penalties under the Connecticut Unfair Trade Practices Act and potential criminal action for breaches of the state’s gaming statutes. For now, the state reminded residents that only three operators are authorised to take sports bets, namely DraftKings through Foxwoods, FanDuel through Mohegan Sun and Fanatics through the Connecticut Lottery, with a minimum age of 21 for sports wagering and 18 for fantasy contests."

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