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Connecticut has issued cease-and-desist orders to nine companies, including Crypto.com, Polymarket and Robinhood, as state officials move to curb what they describe as illegal sports prediction markets and sports betting platforms.
The Connecticut Department of Consumer Protection said the action is meant to protect consumers and preserve the integrity of the state’s regulated sports betting market. The named companies are Polymarket, Coinbase, Crypto.com, Robinhood, ProphetX, Novig, Webull, Gemini and Underdog Predict.
State says prediction markets are not following Connecticut standards
Gov. Ned Lamont said Connecticut has been “at the forefront of this issue,” adding that the state is trying to protect consumers, including young people, student-athletes and people struggling with gambling addiction, from unregulated gambling markets that may put their money and personal information at risk.
Lamont also said prediction markets “have branded themselves as legal and safe,” but are not adhering to Connecticut’s consumer protection standards and gaming laws.
According to the state, the crackdown is aimed at unregulated gambling markets rather than Connecticut’s legal sportsbook framework.
Why this matters
Connecticut legalized sports wagering in 2021. Lamont said the purpose was to create “a safe, responsibly regulated market” for consumers, not “to open a free-for-all.”
For players, the key takeaway is that Connecticut officials are drawing a sharper line between state-regulated sports betting and other platforms they say fall outside state law. The state’s public explanation focused on consumer protection, gambling safeguards and market integrity.
The source report did not include responses from the companies named in the orders. It also did not detail the specific legal allegations against each company or say whether the action will lead to further enforcement or litigation.
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Source: As reported by connecticut.news12.com.
