ProphetX, Gemini & Webull quit Connecticut over betting law

Six firms, including Polymarket & Robinhood, remain in talks with regulators as Kalshi fights the state in federal court.

The hit

ProphetX, Gemini & Webull have stopped operating in Connecticut, the state’s Department of Consumer Protection confirmed this week. They are three of nine prediction market firms hit with cease-&-desist orders last month by Governor Ned Lamont’s administration over alleged illegal wagering.

Why it matters

Connecticut treats prediction markets as unlicensed betting, legal only through its casinos, lottery & licensed partners. The exits show state pressure can move firms even without a court win. Six companies, including Polymarket, Coinbase & Robinhood, haven’t budged, according to the DCP.

The record

Companies issued cease-&-desist orders	9 (Connecticut Department of Consumer Protection, announced Sept. 10)
Firms that have exited the state	ProphetX, Gemini & Webull (DCP, confirmed Monday)
Firms still in talks with regulators	Polymarket, Coinbase, Crypto.com, Robinhood, Novig & Underdog (DCP)
Opt-out list allegedly targeted by ads	10,000 names of self-excluded gamblers (DCP Commissioner Bryan Cafferelli)
Kalshi legal status	Lost in federal court, now appealing to the Second Circuit

What happens next

Watch the Second Circuit Court of Appeals in New York for Kalshi’s appeal, & whether the DCP moves to enforce against the six remaining firms still operating in Connecticut.

Sources: Three prediction market companies stop operating in Connecticut

Named in this story? Reply to newsdesk@infobets.com & we publish it.

18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.