Connecticut has issued cease-and-desist orders to nine prediction market platforms for offering sports event contracts to residents. The Department of Consumer Protection directed the platforms to stop promoting such contracts in the state, with potential civil or criminal penalties for non-compliance. This action follows a federal judge’s ruling that sports event contracts constitute illegal gambling under state law. Connecticut is leading the way in consumer protection by cracking down on unregulated gambling markets, especially involving prediction markets. Such markets are considered illegal and not compliant with gaming laws in the state. The American Gaming Association predicts a $40 billion wager on the NFL through prediction markets this year. The state also served subpoenas to licensed gaming service providers and media organizations for investigation purposes. Connecticut is vigilant about protecting consumers from misleading practices that compromise safety, personal information, and money. The state requires legal, licensed sportsbooks to adhere to regulations and standards to ensure a safe gambling environment.



Source link