Ohio orders 10 prediction markets to stop offering sports contracts

[The Buzz]

According to a report by InGame.com, Ohio’s Casino Control Commission sent cease-and-desist letters to 10 prediction-market platforms, including Coinbase, Polymarket, Robinhood Derivatives and Underdog Predict, ordering them to stop offering or facilitating sports event contracts in the state within 14 days.

The move follows a late-September Sixth Circuit ruling that upheld Ohio’s authority to enforce its gambling laws against prediction markets, with the commission warning it would pursue legal action against companies that fail to comply.

From InGame.com:

Letters went out to Coinbase, Gemini Titan, MooMoo Financial, Novig Betting, Plus500US, Polymarket, Prophet X, Robinhood Derivatives, Underdog Predict, and WeBull Financial. The entities were given 14 days to respond and shutter their platforms.

This paragraph appeared in bold in every letter:

Because [platform name here] is offering unlicensed sports gaming and bookmaking or facilitating
bookmaking in Ohio, the Commission demands that [platform name here] cease and desist from offering, participating in offering, or facilitating those who offer sports event contracts in Ohio. This includes soliciting or accepting orders for sports event contracts listed on DCMs from persons located in Ohio, as well as operating an FCM or DCM that offers sports event contracts to persons located in Ohio. [Platform name here] shall notify the Commission in writing no later than fourteen (14) days following the date of this letter that it has complied with this cease-and-desist notice.

The commission also wrote that it would pursue “all legal remedies and actions” against any company that does not comply. The circuit court decision allows the OCCC to apply its regulations to any prediction market, and because Kalshi had already sued the state and lost, it appears no letter was needed for it.

Should Ohio succeed in banning sports event contracts, it would join Michigan, Nevada, and Washington state, which have already done so. The Sixth Circuit decision also allows any other state in the circuit — Kentucky, Michigan, and Tennessee — to enforce its gambling laws. Tennessee’s case against Kalshi was combined with Ohio’s. Michigan previously began banning sports event contracts under a state court order.

Read more here: https://www.ingame.com/ohio-orders-c...ction-markets/