Tennessee orders Kalshi, Polymarket, and an exchange to stop offering sports event contracts to state residents

PANews, January 11—According to Coindesk, Tennessee regulators have ordered Kalshi, Polymarket, and a certain exchange to cease offering sports event contracts to residents of the state, alleging that these companies operated without the necessary licenses and violated the state's gambling laws.

These companies are currently registered with the U.S. Commodity Futures Trading Commission (CFTC) as designated contract markets, providing users with the ability to purchase contracts based on the outcomes of sports events.However, under Tennessee's Sports Gaming Act, any entity accepting wagers on sports events must hold a license issued by the state government.