The city of Baltimore has filed a complaint against prediction markets for sports betting, citing gambling laws and deceptive trade practices. This is based on reporting from CoinTelegraph.
The complaint includes Robinhood, Webull, and Coinbase as partners with prediction market platform Kalshi. The city's lawsuit also involves another prediction market platform, Polymarket.
Prediction markets allow users to bet on the outcome of various events, including sports. The involvement of major financial companies like Robinhood and Coinbase as partners with these platforms has drawn attention to the regulatory environment surrounding such activities.