Kentucky sued both Kalshi and Polymarket in June, alleging they ran illegal sports betting businesses without a state license.
The Illinois Gaming Board issued cease-and-desist letters to Kalshi and then Polymarket US, the second arriving January 27.
Minnesota enacted a first-in-the-nation prediction-market ban effective August 1; Kalshi and Polymarket sought an injunction to block it.
Polymarket's CEO confirmed a US return through acquiring QCEX, a CFTC-regulated exchange, giving it a domestic regulated entity.
Rulings from federal courts in Minnesota and the CFTC's pending rule, expected to define which sports contracts stay legal.
Read More →