Connecticut Regulators Crack Down on Unlicensed Sports Betting Platforms
Connecticut regulators have escalated enforcement against three major platforms—Kalshi, Robinhood, and Crypto.com—issuing cease-and-desist orders for operating unlicensed sports wagering services. The state's Department of Consumer Protection (DCP) alleges these firms violated licensing requirements while exposing users to financial risks.
Kalshi and Robinhood face particular scrutiny, with regulators dismissing their claims of federal oversight under the Commodity Futures Trading Commission. 'Only licensed entities may offer sports wagering in Connecticut,' stated DCP Commissioner Bryan Cafferelli, underscoring the state's jurisdictional stance.
Notably, Crypto.com proceeded with launching its Fanatics Markets in 10 states despite Connecticut's order—a MOVE that may signal broader tensions between state regulators and crypto-adjacent betting platforms.
