MADISON — The Wisconsin Department of Justice is suing several trading platforms, accusing them of trying to bypass the state's online sports betting laws.
Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com are all named in the lawsuit.
Wisconsin Attorney General Josh Kaul accuses the companies of disguising gambling by calling their wagers event contracts. Kaul said the contracts eventually pay out like sports bets, except in limited circumstances.
"Sports betting and other forms of commercial gambling have long been illegal in the state of Wisconsin. No company is above this law, no matter how creatively those companies try to disguise the activity that they're engaged in," Kaul said.
State lawmakers recently passed a bill allowing online sports betting as long as the servers that power the websites are located on tribal land in Wisconsin. Governor Evers signed the bill into law and is now tasked with working with all the tribes to implement the changes.
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