Prediction Market Litigation — All Cases

Every tracked lawsuit shaping whether CFTC-regulated prediction-market platforms can operate, state by state — grouped by significance.

Last updated September 28, 2026. Snapshot — not legal advice.

Landmark Cases (18)

Circuit-split anchors and cases with a real appellate or settled outcome.

KalshiEX LLC v. Flaherty (cert. sought sub nom. Flaherty v. KalshiEX, LLC)NJ
Injunction affirmed; cert petition pending (No. 26-299)
KalshiEX LLC v. Schuler (6th Cir., consolidated with the Tennessee appeal)TN, OH
States win: Ohio affirmed, Tennessee vacated (6th Cir.)
State of Washington v. KalshiEX LLCWA
Amended preliminary injunction in effect
Blue Lake Rancheria v. Kalshi, Inc.CA
Reversed in part for the tribes (9th Cir., published); remanded
United States v. State of ConnecticutCT
Preliminary-injunction motion filed (September 2026)
Ho-Chunk Nation v. Kalshi, Inc.WI
Stayed; interlocutory appeal sought (7th Cir.)
KalshiEX LLC v. CoxUT
Summary judgment for the state; on appeal (10th Cir.)
State of Nevada ex rel. Nevada Gaming Control Board v. KalshiEX LLCNV
Geofencing stipulation; state seeks daily penalties
KalshiEX, LLC v. Assad (below: KalshiEX LLC v. Hendrick)NV
Injunction dissolution affirmed (9th Cir., published); rehearing en banc sought
United States v. State of WisconsinWI
Federal injunction denied; on appeal (7th Cir., consolidated)
KalshiEX LLC v. WilliamsNY
Injunction denied; on appeal (2d Cir.)
KalshiEX LLC v. Ellison; QCX LLC (Polymarket US) v. EllisonMN
Statute enjoined; not in effect
People of the State of New York v. KalshiEX LLCNY
Removed; remand motion briefed and undecided
KalshiEX LLC v. MartinMD
Injunction denied; on appeal (4th Cir.)
Commonwealth of Massachusetts v. KalshiEX LLCMA
Injunction granted (stayed pending SJC review)
KalshiEX LLC v. JohnsonAZ
Criminal prosecution enjoined on the CFTC’s motion (preliminary injunction)
United States v. State of IllinoisIL
Pending — no final ruling
KalshiEX LLC v. Commodity Futures Trading Commission
Won below; appeal voluntarily dismissed (no appellate ruling)

Standard Cases (40)

Standalone actions with an active docket and a clear status.

Nessel v. KalshiEX LLCMI
Preliminary injunction in effect
United States v. State of New YorkNY
Preliminary injunction argued; decision pending
Mescalero Apache Tribe v. Kalshi, Inc.NM
Pending
KalshiEX LLC v. KnudsenMT
Dismissed by stipulation (enforcement standstill)
KalshiEX LLC v. BirdIA
Injunction denied; on appeal (8th Cir.)
State of Connecticut v. KalshiEX LLCCT
Removed; remand motion pending
Ludlow Exchange, LLC (Novig) v. TorrezNM
Stayed to August 13, 2027 (enforcement standstill)
North American Derivatives Exchange, Inc. (Crypto.com) v. State of NevadaNV
Affirmed against the platform (unpublished); cert petition filed
North American Derivatives Exchange, Inc. (Crypto.com) v. JamesNY
Preliminary injunction argued; decision pending
Robinhood Derivatives, LLC v. DreitzerNV
TRO denial affirmed (9th Cir., unpublished); cert petition filed
People of the State of New York v. QCX LLC (d/b/a Polymarket US)NY
Removed to federal court (Judge Abrams); no ruling
Underdog Exchange DCM, Inc. v. TongCT
Filed; no ruling
Connecticut cease-and-desist orders to nine platforms (September 2026)CT
Orders issued; first platform suit filed
KalshiEx LLC v. FurcoloRI
Pending — argued August 2026, decision pending
Ludlow Exchange, LLC (Novig) v. JamesNY
TRO denied; preliminary injunction to be decided on the papers
Ludlow Exchange, LLC (Novig) v. CampbellMA
Stayed pending the Massachusetts SJC
Ludlow Exchange LLC (Novig) v. BrownWA
Filed; no ruling
Ludlow Exchange LLC (Novig) v. KaulWI
Answered; pretrial conference set
Coinbase Financial Markets, Inc. v. NesselMI
Injunction denied; on appeal (6th Cir.)
Coinbase Financial Markets, Inc. v. TongCT
Injunction denied; on appeal (2d Cir.)
People of the State of New York v. Coinbase Financial Markets, Inc.NY
Removed; remand motion briefed and undecided
People of the State of New York v. Gemini Titan, LLCNY
Removed; remand motion briefed and undecided
Mayor and City Council of Baltimore v. KalshiMD
Filed — municipal consumer-protection action
KalshiEX LLC v. CafferelliCT
Injunction denied; on appeal (2d Cir.)
Coinbase Financial Markets, Inc. v. RaoulIL
Pending — injunction fully briefed since February 2026
KalshiEX LLC v. Ohio Casino Control Commission (fine challenge)OH
Pending — fine contested
State of New Mexico v. Kalshi, Inc.NM
Pending
United States v. State of New MexicoNM
Pending
Kentucky enforcement actions v. Kalshi & others (Franklin Circuit Court)KY
Pending
United States v. Commonwealth of KentuckyKY
Cross-motions briefed
KalshiEX LLC v. RaoulIL
Pending — injunction fully briefed, undecided
QCX, LLC (d/b/a Polymarket US) v. NesselMI
Injunction denied; on appeal (6th Cir.)
Robinhood Derivatives, LLC v. NesselMI
Injunction denied; on appeal (6th Cir.)
State of Nevada ex rel. Nevada Gaming Control Board v. Blockratize Inc. (Polymarket)NV
State-court injunction in force; remand appeal on hold (9th Cir.)
State of Rhode Island v. KalshiEX LLCRI
Pending
CFTC intervention in KalshiEx LLC v. Furcolo (D.R.I.)RI
Pending
State of Wisconsin v. Kalshi, Inc.WI
Remand and state injunction motions pending
Robinhood Derivatives, LLC v. CampbellMA
Dismissed as unripe; on appeal (1st Cir.)
QCX LLC (d/b/a Polymarket US) v. CampbellMA
Stayed pending the Kalshi appeal; enforcement standstill
Coinbase Financial Markets, Inc. v. FordNV
Dismissed without prejudice on abstention — no merits ruling

Related & Pre-Suit Actions (17)

Companion suits and pre-litigation actions that round out the roster.

QCX LLC (d/b/a Polymarket US) v. JamesNY
Filed; no ruling
Underdog Exchange DCM, Inc. v. CampbellMA
Filed; no ruling
Underdog Exchange DCM, Inc. v. WilsonOH
Filed; no ruling
Underdog Exchange DCM, Inc. v. KaulWI
Filed; no ruling
Underdog Exchange DCM, Inc. v. TorrezNM
Filed; no ruling
Underdog Exchange DCM Inc. v. BrownWA
Filed; no ruling
Missouri Attorney General cease-and-desist letters (September 2026)MO
Pre-suit letters; response window running
North American Derivatives Exchange, Inc. (Crypto.com) v. BrownWA
Stayed pending the Ninth Circuit
QCX LLC (d/b/a Polymarket US) v. TorrezNM
Stayed
Mayor and City Council of Baltimore v. QCX LLC (Polymarket)MD
Filed — municipal consumer-protection action
United States v. State of MinnesotaMN
Injunction granted (July 27, 2026)
Coalition for Fair Markets v. ColemanKY
Filed; claims being litigated in the federal case
Robinhood Derivatives LLC v. GriffinWA
Administratively stayed pending the Ninth Circuit
Robinhood Derivatives, LLC v. FlahertyNJ
Consent injunction bars enforcement; case stayed
United States v. State of ArizonaAZ
Preliminary injunction granted (May 2026); vacatur motion pending on appeal
Connecticut cease-and-desist letters (December 2025)CT
Ripened into a state enforcement action
North American Derivatives Exchange, Inc. (Crypto.com) v. MartinMD
Stayed pending the Fourth Circuit
This index is informational, not legal advice. Nearly every case above is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.