Ohio state gambling regulators said that they “intend to” fine prediction market operator Kalshi $5M for “being an unlicensed sportsbook.” The proposed fine is the “latest salvo in a battle playing out in Ohio and other states” over the N.Y.-based company’s “argument that its sports offerings are federally regulated financial ‘swaps’ and therefore can’t be regulated under state gambling laws.” Kalshi “doesn’t pay the state’s 20% tax on sports-betting receipts,” and its voluntary exclusion program and advertising “don’t meet state requirements.” The Ohio Casino Control Commission “didn’t explain exactly how state regulators calculated” the $5M fine. Kalshi has 30 days to request a hearing on the proposed fine (Cleveland PLAIN DEALER, 4/15).
Ohio gambling regulators intend to fine Kalshi
