The state was the first to pass a law banning Kalshi and Polymarket. A lawsuit filed by a federal agency may set a precedent on who gets to regulate them.
Prediction markets have taken off in popularity, drawing billions of dollars in trades. Some states have tried to ban them.
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The request follows conflicting lower court rulings on whether states have statutory oversight authority of the prediction firms.
Kalshi and Polymarket have rapidly expanded their businesses by offering contracts tied to the outcomes of sporting events, political contests and other real-world events. The companies argue that their platforms function differently from traditional sportsbooks because users trade against one another rather than betting directly against the house.
Kalshi’s highest six-month lobbying total on record
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The trading platform Kalshi issued a three-year suspension to the candidate, Laurie Buckhout, and fined her nearly $2,600. Ms. Buckhout said she had made a “dumb mistake.”