Tennessee Orders Kalshi, Polymarket, and Crypto.com to Cease Sports Prediction Operations

Odaily News The Tennessee Sports Wagering Council (SWC) recently issued cease-and-desist orders to Kalshi, Polymarket, and Crypto.com, demanding they stop offering sports event prediction contracts to residents of the state. The reason cited is that these companies are engaged in illegal gambling operations without obtaining a state license.

In a notice letter dated January 9, the SWC accused the three companies of illegally offering sports betting products under the guise of "event contracts." Although these platforms are currently registered with the U.S. CFTC as designated contract markets, the SWC emphasized that, according to Tennessee law, any entity accepting wagers on sporting events must hold a license issued by the state. The relevant companies are required to cease all activities in the state by January 31, close open contracts, and refund resident deposits. Failure to comply by the deadline could result in civil penalties of up to $25,000 per violation and may even involve criminal charges. (CoinDesk)