Robinhood files a lawsuit against the Massachusetts Game Commission and the Attorney General

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The Financial Services Company Robinhood has filed a claim in Massachusetts against the Attorney General of the Area and the Massachusetts Game Commission.

He appeared on Monday (September 15), and Robinhood asked a judge to grant him a court order against state agencies to avoid “imposing the Massachusetts Law of Robinhood for their facilitation of transactions that involve contract contracts related to sport.”

In the presentation, the company points to Kalshi several times. This occurs after the Massachusetts state filed a lawsuit against the prediction market platform for allegedly offering sports games without a license.

The demand was filed last Friday (September 12) and states that Kalshi uses an online exchange to offer sports bets, under the appearance of event contracts. The Office of the Attorney General alleges that “these ‘event contracts” are closely similar to sports bets offered by licensed operators.”

The state attorney general Andrea Joy Campbell published a press release in which he states: “The sports commitment has a significant risk of addiction and financial loss and must be strictly regulated to mitigate the consequences of public health.

“This demand will ensure that if Kalshi wants to be in the sports games business in Massachusetts, they must obtain a license and follow our laws. I am grateful for the current association with the game commission.”

Robinhood refers to Kalshi in his Massachusetts demand

Robinhood refers to the new state lawsuit against Kalshi and states that there is a “real and imminent threat that Massachusetts will present a similar complaint and motion against Robinhood” as the intermediate company operations of the event contracts of its clients, including the operations of event contracts related to the sport, in the exchange of Kalshi.

“While Robinhood facilitates the placement and liquidation of event contracts for their customers, contracts themselves trade with the Basic Future Trade Commission of Kalshiex LLC (” Kalshi “) (” CFTC “) -The designated exchange”, also establishes the presentation.

After explaining the reasoning to move forward with the lawsuit, the company summarized it with the following: “Robinhood, therefore, had no choice but to submit this lawsuit to protect its customers and their businesses. Robinhood respectfully requests that this court produces the accused of enforcing the law of preventing ma formed against Robinhood for their facilitation of sports events contracts.”

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The post Robinhood presents the lawsuit against the Massachusetts Game Commission and the Attorney General first appeared in Readwrite.



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