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Leading online sportsbooks have exited the American Gaming Association to launch their own prediction markets, defying opposition from land-based casinos. This strategic pivot challenges the existing state-based regulatory framework for gambling by operating under federal authority.
Connecticut regulators ordered Kalshi, Robinhood, and Crypto.com to cease operations, alleging the platforms offered illegal sports wagering products. The move highlights a growing regulatory battle over the classification of prediction markets and crypto-adjacent financial instruments.
