The enforcement follows a ruling by the Sixth Circuit Court of Appeals, which determined that sports event contracts are governed by state gambling laws. This decision provides the legal basis for state regulators to treat prediction markets as gambling operations rather than financial derivatives.
Tuesday, October 20, 2026
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Ohio Issues 10 Cease and Desist Orders to Prediction Markets Including Robinhood
Business15 days ago
Polymarket, Robinhood, and Underdog are among the platforms ordered to stop providing sports event contracts to users in Ohio. The state's Casino Control Commission sent cease-and-desist letters to 10 prediction markets on Friday to halt the offering of these contracts within the state.
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