Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁
Cease-and-Desist: Connecticut Targets Unlicensed Sports Prediction Markets
Last Updated: December 04, 2025
✓ Fact Checked
Key Takeaways
- Connecticut ordered KalshiEX, Robinhood Derivatives, and Crypto.com to stop offering unlicensed sports prediction markets in the state;
- Regulators warned users face financial and data risks since unlicensed sites lack protections and fair dispute resolution;
- Only licensed operators such as DraftKings, FanDuel, and Fanatics may operate sports betting, with age and advertising rules strictly enforced.
On December 3, a legal notice from the Connecticut Department of Consumer Protection's Gaming Division ordered three crypto platforms, KalshiEX LLC, Robinhood Derivatives, LLC, and Crypto.com
These "cease-and-desist" letters apply to any unlicensed online gambling and specifically target prediction markets that resemble sports betting.
The firms must also enable all residents to withdraw funds currently held on their platforms.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Rug Pulls in Crypto? (5 Ways Explained)
The state agency emphasized that only recognized operators, such as DraftKings (Foxwoods), FanDuel (Mohegan Sun), or Fanatics (Connecticut Lottery), are legally allowed to facilitate sports betting within the state.
Additionally, those uses must adhere to rules like minimum age limits: 21 for sports wagering and 18 for fantasy contests.
The notice warned that users lack the regulatory protections that licensed platforms must provide. As a result, personal data and money might be exposed to risk, with no assurance of accurate payouts or dispute resolution.
Connecticut regulators also argued that many event outcomes, such as award shows or athlete trades, are already known to insiders, which creates an unfair advantage for some participants.
Regulatory officials highlighted that promoting these markets on college campuses or advertising to those on Connecticut's self-exclusion list is a violation of state rules.
The letter made clear the consequences of noncompliance: companies might face civil penalties under the state's unfair trade practices laws or even criminal liability under gaming statutes.
On November 25, Thailand's Ministry of Digital Economy and Society ordered World to delete more than 1.2 million iris scans collected from Thai citizens. Why? Read the full story.
Loading...
The Most Liked Crypto News Findings
Looking for more latest crypto news on related topic? We have gathered similar news articles for you to spare your time. Take a look!
![How to Transfer Money Without Fees? [Animated Tips 2025]](https://assets.bitdegree.org/youtube/crypto-finally-explained/how-to-transfer-money-without-fees-animated-tips-2025.jpg?tr=w-400 "How to Transfer Money Without Fees? [Animated Tips 2025]")
![How to Transfer Money Without Fees? [Animated Tips 2025]](https://assets.bitdegree.org/crypto/assets/video-button.png?tr=w-60 "How to Transfer Money Without Fees? [Animated Tips 2025]")
