Kalshi: ‘Our Contracts Are Not Gambling’

The Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement had ordered Kalshi to halt all sports-related event contracts within their states. However, Kalshi’s legal team contends that these contracts fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and should not be regulated at the state level.

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Kalshi co-founder Tarek Mansour stated:

“Prediction markets are a critical innovation of the 21st century. Like all innovations, they are initially misunderstood. We are proud to be the company that pioneered this technology and stand ready to defend it in court.”

Additionally, the Nevada Gaming Control Board also issued a cease-and-desist order for Kalshi’s election contracts. However, a U.S. judge ruled them legal in September 2024, allowing these contracts to trade freely in the U.S.

CFTC Shifts Regulatory Approach

On February 4, CFTC Acting Director Caroline Pham announced that the regulator would pivot away from enforcement-based regulation and instead focus on fraud prevention:

“The CFTC is strengthening its enforcement program to focus on victims of fraud.”

This shift was welcomed by industry participants, especially following a wave of enforcement actions under the Biden administration.

Meanwhile, the CFTC launched an investigation into Super Bowl event contracts offered by Kalshi and Crypto.com. However, the regulator ultimately took no action to ban them.

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The post Kalshi Sues Nevada and New Jersey Gaming Regulators! appeared first on Coin Engineer.

Why Was Polymarket Blocked?

On January 12, several users in Singapore reported issues accessing Polymarket. When attempting to enter the site, users encountered a warning citing the Gambling Control Act 2022, which prohibits betting with unlicensed operators.

Alex Zuo, Vice President of Investment and Custody at Cobo Global, shared on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”

GRA and Gambling Laws

Users trying to access the site are met with the following message from the Gambling Regulatory Authority (GRA):
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”

The GRA was established on August 1, 2022, by restructuring the Casino Regulatory Authority to oversee all forms of gambling under a single regulatory body.

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Polymarket operates on the Polygon blockchain, allowing users to bet on global events using USD Coin (USDC) as the primary currency.

As of January 1, enforcement authority over illegal gambling activities has been transferred from the GRA to the Singapore Police Force. According to a statement on the GRA website, individuals engaging in unlawful gambling may face fines of up to 500,000 Singapore dollars and imprisonment for up to 7 years. Repeat offenders may receive fines of up to 700,000 Singapore dollars and 10 years of imprisonment.

In a December 30 statement, the GRA revealed that since 2015, over 3,800 gambling websites and 145,000 transactions totaling 37 million Singapore dollars have been blocked.

Polymarket’s Regulatory Challenges

Polymarket has faced regulatory issues in the past:

• In 2022, the U.S. CFTC fined Polymarket $1.4 million for operating an unregistered derivatives trading platform, which led the platform to block U.S. users.
• In November 2024, the platform blocked users in France following reports of an investigation by French authorities regarding compliance with gambling laws.

Despite these challenges, Polymarket continues to see significant activity. In the first days of 2025, the platform recorded a trading volume of $431 million. Its largest market, the 2025 Super Bowl Championship, has attracted over $15 million in wagers, according to Dune Analytics.

Polymarket and the GRA have not responded to requests for comment at the time of publication.

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