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The U.S. state of Tennessee has requested platforms such as Kalshi and Polymarket to cease offering sports event prediction services to residents of the state.
BlockBeats News, January 11th, according to Coindesk, the Tennessee regulatory agency has ordered Kalshi, Polymarket, and Crypto.com to cease offering sports event prediction services to residents of the state, alleging that these companies operated without the necessary licenses, in violation of 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 outcome of sporting events. However, under Tennessee's "Sports Gaming Act," any entity accepting sports event bets must hold a license issued by the state government.
These companies have been instructed to cease all operations in Tennessee by January 31st, cancel any outstanding contracts involving residents of the state, and refund all deposits. Non-compliance could result in civil penalties of up to $25,000 per violation and potential referral to criminal court for aggravated gambling promotion, classified as a felony under state law.
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