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Kentucky Sues Prediction Market Platforms Over Sports Betting
Kentucky filed suit against two prediction market companies, alleging they offered unlicensed sports betting. The state also cited the platforms' partners for failing to provide required gambling-addiction resources.
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Kentucky has sued two prediction market platforms, accusing them of offering illegal sports betting without a state license. The attorney general said the companies and their partners, including Coinbase, Robinhood and Webull, do not supply resources for people with gambling problems as required under state law.
Polymarket are operating illegal sportsbooks in Kentucky and breaking our laws,” the attorney general said in a Wednesday statement. ” A spokesperson for one of the platforms said the company looks forward to addressing the claims and that the action runs counter to the federal regulator’s established framework for regulating prediction markets.
A federal judge earlier on Wednesday denied one platform’s motion to block a similar suit in Michigan. The matter is expected to reach the U.S. Supreme Court for resolution.
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