Tennessee Cracks Down on Sports Prediction Markets

[bonk]

Tennessee’s sports betting regulator has ordered Kalshi, Polymarket and Crypto.com to stop offering sports-related prediction contracts to residents of the state. The cease-and-desist letters were issued by the Tennessee Sports Wagering Council, which argues the platforms are operating without proper licenses.

According to the regulator, labeling wagers as “event contracts” does not change their core function: allowing users to bet money on the outcome of sporting events. Under Tennessee law, that activity is reserved exclusively for licensed sportsbooks operating under the Tennessee Sports Gaming Act.

[cryptobro]

feels like regulators are fine with crypto innovation right up until it touches sports betting