Kentucky targets prediction markets, puts red state in potential clash with Trump team
Key takeaways
- But Kentucky is also strongly Republican in its overall politics, having voted for President Donald Trump with a 64% majority in 2024, though Governor Andy Beshear is a Democrat.
- For its part, Kentucky is making a similar case against the event-contract platforms as the other states, that they aren't licensed for gaming there.
- “Kalshi and Polymarket are operating illegal sportsbooks in Kentucky and breaking our laws,” said Kentucky Attorney General Russell Coleman, a Republican and formerly a U.S. attorney nominated by Trump.
But Kentucky is also strongly Republican in its overall politics, having voted for President Donald Trump with a 64% majority in 2024, though Governor Andy Beshear is a Democrat. Now it's found itself in the position of legally battling against one of Trump's own policy positions, that prediction market oversight belongs in the hands of the federal Commodity Futures Trading Commission.
For its part, Kentucky is making a similar case against the event-contract platforms as the other states, that they aren't licensed for gaming there. Additionally, it said in a Wednesday statement that the companies and their partners — naming Coinbase, Robinhood and Webull — don't offer resources for people with gambling problems, as required under local law.
“Kalshi and Polymarket are operating illegal sportsbooks in Kentucky and breaking our laws,” said Kentucky Attorney General Russell Coleman, a Republican and formerly a U.S. attorney nominated by Trump. “These multi-billion dollar corporations and their legal fictions don’t pass the sniff test."