Tennessee Cracks Down on Sports Betting Contracts of Kalshi, Polymarket, and Crypto.com
The firms, federally regulated by the CFTC, were ordered to cease Tennessee-based activity, refund deposits, and void open contracts by Jan. 31.
In a recent development, the state of Tennessee has issued a directive to Kalshi, Polymarket, and Crypto.com to halt their sports betting contracts within the state's jurisdiction. These firms, which are under the federal regulation of the CFTC, have been instructed to shut down their Tennessee-based operations, reimburse deposits, and cancel any ongoing contracts by the specified deadline of Jan. 31.
This decision by the Tennessee authorities comes as part of their efforts to ensure compliance and integrity within the sports betting industry. It aims to safeguard the interests of consumers and maintain regulatory standards in the rapidly evolving landscape of online sports betting.