Ohio cracks down on sports event futures from Kalshi, Robinhood, and Crypto.com
Ohio has become the latest state to crack down on trading platforms offering what look a lot like sports bets, indicating a growing showdown between regulators and trading platforms over whether event-based futures tied to sports are legal.
On Monday (Apr. 1), the Ohio Casino Control Commission (OCCC) told Kalshi, Robinhood, and Crypto.com to stop offering event contracts tied to sports in the state. The commission says these kinds of bets fall under Ohio’s definition of sports gambling, which means they need a state license to operate legally.
While the Commodity Futures Trading Commission (CFTC) usually oversees event futures contracts, the OCCC pointed out that using them for sports is still new, and one they’re not on board with unless it’s properly regulated.
Ohio says Kalshi and other future offerings ‘no different than placing a bet’Ohio Casino Control Commission executive director Matthew Schuler said in a release: “Purchasing a contract based on which team a person thinks will win a sporting event is no different than placing a bet through a traditional sportsbook.
“The only difference is that these event contracts do not have the consumer protections required under Ohio law and are accessible to Ohioans under 21 years of age. The Commission must take action to fulfill its statutory responsibilities and ensure the integrity of sports gaming in Ohio.”
And now Kalshi has been hit with a cease-and-desist letter by Ohio regulators in connection with sports event contracts. The Ohio Casino Control Commission sent C&Ds to Robinhood and Crypto dot com as well, per a press release. pic.twitter.com/VuEPPux4aR
— Geoff Zochodne (@GeoffZochodne) March 31, 2025
Ohio claims Kalshi and others are violating state law by offering unlicensed sports gaming, which includes accepting wagers on events like March Madness. The state defines such activity as bookmaking, a felony under both civil and criminal codes, exposing the platforms to serious legal penalties.
The Commission has given Kalshi, Robinhood, and Crypto.com until April 14 to let them know they’re complying with the order.
Ohio’s move comes on the heels of similar crackdowns in New Jersey and Nevada, where regulators have also pushed back against these sports event contracts. Kalshi is taking the fight to court in those states.
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