New Jersey regulatory agency demands Robinhood and Kalshi to cease providing sports betting services

According to Decrypt, regulatory agencies in New Jersey have ordered Kalshi and Robinhood to stop providing sports event based prediction markets to locals in New Jersey. Earlier this month, Robinhood partnered with Kalshi to launch a prediction market focused on the NCAA Basketball Championship Crazy March. The New Jersey gambling enforcement department has accused these trading platforms of illegally providing sports betting services in a cease and desist order. Regulatory agencies have requested that these two companies cease allowing New Jersey residents to place bets on sports events and cancel existing sports related bets for local residents. The letter stated that Robinhood and Kalshi must comply with orders before March 28th, otherwise they will face enforcement action.