New Jersey orders Robinhood and Kalshi to halt sports prediction markets

New Jersey’s Division of Gaming Enforcement has ordered Robinhood and Kalshi to stop offering sports-related prediction markets to state residents, citing violations of local betting laws. According to Decrypt, the platforms had partnered to launch a March Madness prediction market earlier this month. Regulators demanded both firms void existing wagers and cease new activity by March 28, stating the services were unlawful under New Jersey’s Sports Wagering Act.