Polymarket Faces Baltimore Lawsuit and Lost JPMorgan Banking Relationship

Baltimore has sued prediction market operators Kalshi and Polymarket, accusing both of running unlicensed sportsbooks in the city.

Mayor Brandon Scott and the City Council filed the complaints Thursday in Circuit Court for Baltimore City.

Baltimore Sues Kalshi and Polymarket

The city says both platforms let residents bet on game winners, point spreads, point totals, and player statistics. Those propositions match products sold by licensed sportsbooks, according to the complaints.

Both companies call them event contracts. However, Baltimore argues they function as sports bets and amount to unlawful gambling under Maryland law.

Furthermore, the lawsuit claims that the missing licenses free both firms from the tax bills, audits, and player-protection rules that licensed operators carry.

The complaints also allege the platforms advertise in ways that suggest their products are lawful and properly supervised. The city says that impression draws in inexperienced bettors and problem gamblers who stand to lose money.

… Continue reading the full article at the original source below.