Underdog Exchange DCM, Inc. v. Kaul

Filed; no ruling7th Cir.Platform v. State

Docket last checked September 22, 2026. Snapshot — not legal advice.

As of September 25, 2026, the legality of prediction markets in Wisconsin is unresolved — litigation is ongoing with no final ruling yet. Wisconsin status and cases →

Overview

Underdog’s exchange arm, Underdog Exchange DCM, Inc., filed this pre-enforcement suit on September 8, 2026, seeking a declaration that the Commodity Exchange Act preempts the state’s gambling law as applied to its sports event contracts, and an injunction against enforcement. It is one of six such suits Underdog filed in a week — Massachusetts, Ohio, Wisconsin, New Mexico and Washington on September 8, and Connecticut on September 15 — after the company surrendered its daily-fantasy licenses in several states. It sits before Judge Conley, who also has the state’s case against Kalshi and the Ho-Chunk Nation’s, in the state where a federal judge has already refused the United States’ own preemption injunction. No ruling. (Caption, docket and filing date confirmed via CourtListener; the description of the claims is press-sourced.)

Changes

Logged September 22, 2026

Timeline

September 8, 2026

Underdog Exchange DCM files a preemption suit for declaratory and injunctive relief.

What's next: Awaiting a responsive pleading. The Seventh Circuit’s consolidated appeal in the federal government’s Wisconsin case will bear heavily on it.

Parties

Plaintiffs

  • Underdog Exchange DCM, Inc.

Defendants

  • Joshua L. Kaul (Wisconsin Attorney General)
This page is informational, not legal advice. Nearly every entry in this tracker is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.