Connecticut sends cease-and-desists to curb illegal sports prediction markets
The Connecticut Department of Consumer Protection has issued cease-and-desist orders to nine companies: Polymarket, Coinbase, Crypto.com, Robinhood, ProphetX, Novig, Webull, Gemini and Underdog Predict.
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Connecticut is taking major action against illegal sports betting platforms operating in the state.
The Connecticut Department of Consumer Protection has issued cease-and-desist orders to nine companies: Polymarket, Coinbase, Crypto.com, Robinhood, ProphetX, Novig, Webull, Gemini and Underdog Predict.
“Connecticut has been at the forefront of this issue, leading the way in protecting consumers, including young people, student-athletes and those struggling with gambling addiction, from unregulated gambling markets that put their money and personal information at risk,” Gov. Ned Lamont said.
"Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards and gaming laws, and they are not being truthful when they tell consumers that their activities are legal," Lamont stated. "When we legalized sports wagering in 2021, the goal was to create a safe, responsibly regulated market for Connecticut consumers, not to open a free-for-all.”
Officials say the crackdown is designed to protect consumers and maintain the integrity of Connecticut's regulated sports betting market.
