Ohio to finally enforce law against Kalshi sports market

[Donk1]

Well all I can say here is that,  it's not certain that the Supreme Court will intervene but still they would probably be the one to settle this. Because it's easy to say different courts could come down to different conclusions, and it could probably just cause more issues for those companies who are trying to run national platforms...That said the states will probably keep fighting to protect what they think is right to regulate the market. to me it's more like a battle of whether federal law prevails over state gambling laws. Perhaps it's only going to make everything even more complicated for prediction markets, that's all...

[Floxynice]

It's so good the more states is able to enforcing their gambling rules to the prediction market. Those prediction market must be aware to stop framing themselves as a non gambling site because in the end, they're still being considered as a gambling sites that needs to be regulated.

We had Utah who did it first, then Ohio is following it. So what's next, newyork? I can't wait to see more states to follow the same step like what Utah and Ohio did.

In the end of story, no matter how hard the prediction market framing themselves as a non gambling site, but they're still gambling site.

I can't wait how big the pressure those prediction market will be received when Trump is no longer as US president. If they are smart enough, they have to admit they're same as gambling platform.

Brilliant thinking, once Trump lose the office sit many things will face bigger challenges, the reason why many nonsense things are running and roaming freely is because of Trump in the office..

I hope these people are fully prepared already, if Trump never won the election I doubt that prediction markets will survive or will be allowed to run, they might all be crucified or put on very heavy law.

I think the only solution for now is imposing big law on prediction markets but one way or another I strongly believe that Trump family and people are benefiting from every single things that are allowed to run.

You talk as if you have a personal grudge against prediction market or Trump. If prediction markets identify as gambling markets, it will not reduce the risks associated with them. The only thing we should be focused on now is their failure to comply with the regulations of the states where they operate. That is a wrong thing to do.

Prediction markets should be properly regulated. If they comply with these regulations and still claim not to fall into the category of gambling, we shouldn't have a problem with that. We can only have a problem with that if they are taking advantage of political influence and disguising themselves as trading platforms just to avoid some regulations. The government, just like Ohio is doing, will do its job.

[Nwada001]

I’m not exactly an expert on legal matters, but it might be more profitable for Kalshi to simply shut down its operations in that specific state paying off all taxes and fines and instead launch a new business in a lower-tax jurisdiction. They may have already hired consultants at great expense to resolve this issue while keeping the site running after all, they can’t afford to take the site offline even for a day to switch domains, as users would instantly flock to competitors like Polymarket.

Even if they are to shut down, they will still have to pay all the pending taxes. That's if the ruling is against them and the court orders them to pay a fine, which is subject to how much tax they have ignored, and they are already in service in most of the US states, just that some are beginning to question the stand of the prediction market and their service since their license is for another thing, but they are providing service, which is also viewed as a sports betting option.

[yhiaali3]

In reality, this debate will persist until a definitive end is put to it through strict and clear laws; until then, I believe that the prediction market companies will not cease their efforts.

They make huge sums of money from prediction markets and sometimes interfere in the internal politics of some countries, and their influence is expanding, so these companies will always seek to exploit legal loopholes to prove that they are not a type of gambling.

In the end prediction market owners will rename their service into something that has little connection to making prediction or gambling. They will try to turn whole situation upside down by replacing prediction with guessing, making it guessing market and by guessing they will say people participate in solving a riddle. On the documents and interpretation, prediction market will turn into riddle solving activity. Wordplay will be what made prediction market win in this battle.

I don’t think that kind of wordplay is going to work. Regulators look at more than just what a service is called — they look at how it actually operates. If people are betting on real-world outcomes and risking money, simply rebranding it as solving riddles is unlikely to help. You can try to get around the rules that way, but that doesn’t mean regulators will buy it.

I also believe that this will not work. We are talking here about large markets that generate profits in millions or perhaps billions of dollars, and therefore changing the name will not work here because these markets are closely monitored by regulatory authorities.

Manipulating names can work for small, lesser-known companies that are of negligible significance to the government and regulatory bodies.

[Hispo]

Well all I can say here is that,  it's not certain that the Supreme Court will intervene but still they would probably be the one to settle this. Because it's easy to say different courts could come down to different conclusions, and it could probably just cause more issues for those companies who are trying to run national platforms...That said the states will probably keep fighting to protect what they think is right to regulate the market. to me it's more like a battle of whether federal law prevails over state gambling laws. Perhaps it's only going to make everything even more complicated for prediction markets, that's all...

It would be ideal to have the supreme court to settle whether prediction markets are some form of gambling or not, because the way all this is going it would take literal years before all lawsuits in the States meet their end.
Though, I have a feeling the presidency of the USA and other powers involved would not like to have the supreme court to settle such a matter, because they would take the risk of having the SCOTUS to rule that polymarket and Kalshi are in fact gambling providers.

And we all know that is something which Trump would not like at all.

[CryptoHeadlineNews]

Well all I can say here is that,  it's not certain that the Supreme Court will intervene but still they would probably be the one to settle this. Because it's easy to say different courts could come down to different conclusions, and it could probably just cause more issues for those companies who are trying to run national platforms...That said the states will probably keep fighting to protect what they think is right to regulate the market. to me it's more like a battle of whether federal law prevails over state gambling laws. Perhaps it's only going to make everything even more complicated for prediction markets, that's all...

In other words, this court fight between Ohio and Kalshi prediction market just indirectly proves that the federal laws does not have the ultimate and supreme control over every jurisdiction in the country. Because i see no reason why a company will get a gambling permission from a Federal agency, and then also go about seeking the same permission from individual states, because it makes no sense. Because if Ohio happens to succeed in this case, then be rest assured that the likelihood of the rest other 49 states will also sue Kalsi over its Sport Market. Hence, Federal laws was meant to supersede all other state laws.

[Asiska02]

I’m not exactly an expert on legal matters, but it might be more profitable for Kalshi to simply shut down its operations in that specific state paying off all taxes and fines and instead launch a new business in a lower-tax jurisdiction. They may have already hired consultants at great expense to resolve this issue while keeping the site running after all, they can’t afford to take the site offline even for a day to switch domains, as users would instantly flock to competitors like Polymarket.

That is a lot at risk for them, so they wouldn’t want to be in such situation that they have to lose their users to another of their competitor when they can just find a way around to resolve the issues. Taxes will be compounding for them as long as they don’t resolve the legal tax issue with them. They will not have a soft landing to this case no matter how they wanna go about it, I think they should settle this authority to have a smooth flow of their operations in the state. To me, they won’t be at a loss since that are still making profits from operation in that state. This shouldn’t be pending for too long to resolve or the trust in their platform will begin to reduce.

[EluguHcman]

Gradually, the idea that prediction market is not related to gambling will worn out, so I think.

There is still ongoing battle between many states in United States and prediction markets. I do not think the idea of prediction market not as gambling is not something that will easily fade away in the United States.
[/quote]
Whether the legal fights between the prediction market and the authorities being settled now or the pressure being faded that it is not as earlier or not, what matter is that some days there, all those lawful enforcements will definitely fade out and it becomes business as usual that will end up in licensing for legal operations.

I see that the governments are being are being this troubling the prediction and tags them to be the same as gambling simply because they want the prediction organizations to dialogue on given them (authorities) certain percentage to be earning revenues just as the gambling platforms are highly tasked before being grant the right for legal operations. As the case maybe that gambling is treated illegal in some of the states and countries.

So looking at it in the long run, all these arguments about prediction market and gambling being a serious concern will fade away. It is just going to be matter of time.