Massachusetts Judge Orders Kalshi to Halt Sports Betting Markets in Regulatory Crackdown

A Massachusetts judge has issued a preliminary ruling against prediction market platform Kalshi, signaling a halt to its sports-related event contracts within the state. The legal challenge, led by state regulators, argues that Kalshi's offerings constitute illegal sports betting, not exempt prediction markets. This decision represents a significant regulatory setback for the event contracts exchange, potentially forcing it to suspend a core segment of its business. The case highlights the ongoing tension between innovative fintech platforms and established gambling regulations, with implications for the broader prediction market industry. Kalshi is expected to contest the ruling as the legal proceedings continue.