🇺🇸 America's largest prediction market platforms are defying Ohio's attempts to shut down sports betting on their websites.
Ohio regulators issued cease-and-desist letters to 10 companies, including Polymarket, Robinhood and Coinbase, ordering them to stop offering sports-related contracts by last Friday.
Most platforms continued operating after the deadline, prompting Governor Mike DeWine to accuse them of deliberately circumventing state gambling laws.
The companies argue that their prediction markets fall under federal regulation rather than state gambling laws.
The financial stakes are substantial; operating as a licensed sportsbook in Ohio can cost upwards of $1 million, with operators also subject to a 20% sports betting tax.
The dispute could have major implications for whether prediction markets can continue operating nationwide under a single federal regulatory framework.
Source: Ohio Capital Journal / Writer: Mhedi
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