Massachusetts Attorney General Andrea Joy Campbell has taken legal action against prediction market platform Kalshi, alleging that the company is engaging in unlicensed sports betting under the guise of “event contracts,” in violation of state gambling laws. The civil lawsuit seeks damages, civil penalties, and a permanent injunction to prevent Kalshi from accepting sports wagers without the necessary licensing from the Massachusetts Gaming Commission.
According to the lawsuit filed in Suffolk Superior Court, Kalshi processed over $1 billion in sports wagers from 3.4 million bets between January and June 2025. Sports contracts accounted for 70-75% of Kalshi’s trading volume, exceeding the percentages recorded by licensed operators DraftKings and FanDuel during the same period.
Massachusetts regulators allege that Kalshi’s binary “yes or no” event contracts function similarly to traditional sports betting while bypassing state oversight. The platform offers various types of bets such as moneyline contracts, point spreads, over-under bets, and proposition wagers, mirroring offerings by licensed operators. Despite the state requiring individuals to be 21 years old for sports wagering, Kalshi allows users aged 18-21 to place bets.
The platform has been criticized for providing minimal responsible gambling safeguards compared to licensed operators, such as lacking deposit limits or cooling-off periods until March 2025. State officials have noted Kalshi’s extensive marketing efforts through television, social media, and partnerships with Robinhood.
Kalshi had previously advertised itself as “The First Nationwide Legal Sports Betting Platform” before changing its language to describe its activities as “trading” following cease-and-desist orders from multiple states. The Massachusetts Gaming Commission specifically requested Attorney General Campbell to take enforcement action against the platform.
In response to the lawsuit, Kalshi argues that its operations fall under the oversight of the Commodity Futures Trading Commission rather than state gambling regulation. The company has previously sued Nevada and New Jersey gaming regulators, asserting that federal authority supersedes state enforcement actions.
While federal courts have ruled in favor of Kalshi in those cases, preventing state regulators from intervening during ongoing litigation, several states, including Arizona, Montana, Ohio, and Illinois, have issued cease-and-desist orders against the platform’s sports offerings. Similarly, Robinhood Derivatives filed lawsuits against Nevada and New Jersey, claiming unfair treatment compared to Kalshi’s protected status.
Kalshi’s co-founder, Tarek Mansour, has expressed readiness to defend the company’s technology in court and emphasized the importance of prediction markets as a critical innovation accessible to all Americans. Meanwhile, rival prediction market Polymarket is gearing up for a U.S. re-entry following CFTC approval, with plans to secure funding that could potentially triple its valuation to $10 billion.
As Kalshi faces regulatory challenges amid its rapid growth, the platform processed $441 million in trading volume during the first four days of the 2025 NFL season, with nearly $200 million on September 7 alone. Reports suggest that Kalshi is approaching a new funding round that could value the company at $5 billion, more than doubling its previous valuation.
The enforcement actions taken by Massachusetts reflect a broader trend of state-level efforts to regulate platforms processing significant wagering volumes without traditional sports betting licenses. The CFTC has signaled a shift toward fraud protection over “regulation by enforcement,” although it previously investigated Super Bowl contracts offered by Kalshi and Crypto.com without taking enforcement actions.
In conclusion, Massachusetts’ legal action against Kalshi underscores the ongoing battle between state and federal jurisdictions in regulating online prediction markets and sports betting platforms. The outcome of this lawsuit could have far-reaching implications for the industry as a whole. The Benefits of Yoga for Physical and Mental Health
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