Crypto.com and Novig sue Missouri over legality of sports event contracts
Key Facts Sports-event prediction-market operators Crypto.com and Novig have filed suit against Missouri financial regulators to challenge the state’s cease-and-desist orders on sports event contracts. Kalshi, Polymarket, Robinhood and Underdog, which received similar orders, have held off on litigation according to court records. The core legal question is whether sports-event contracts are sports betting under Missouri state law, or derivatives trades under the federal commodity-futures regulatory framework. The case is widely viewed as a marker in the broader US state-versus-federal clash over how to classify sports prediction markets. ...