Michigan judge orders Kalshi to geofence sports contracts or pay $500K daily

New Jersey asks Supreme Court to settle Kalshi sports-contracts fight

Kalshi must now fight a two-front war as New Jersey escalates from state court to the Supreme Court docket. The Ninth Circuit already ruled its sports contracts are gambling, not swaps, forcing Kalshi to geofence Nevada or face enforcement; a parallel New Jersey loss would fragment another major market. Each state attorney general victory emboldens the next filing, and Kalshi's legal spend compounds while traders hold positions whose legality shifts by geography.

The Supreme Court could resolve the circuit split and restore uniform national rules, but certiorari grants are rare and months away. Meanwhile Polymarket faces identical exposure under the same Circuit reasoning, so any platform offering sports-linked contracts watches this docket for survival. The regulated prediction market's core promise — one federal license, fifty-state access — fractures state by state until the justices intervene.

Piper Sandler raises Robinhood target to $145 on 29.7 billion event-contract outlook

Piper Sandler's forecast makes prediction markets a valuation pillar, not a side bet. Analysts modeling Robinhood must now assume 29.7 billion quarterly event contracts sustain through 2026. That shifts risk from trading desks to regulators: any CFTC restriction or state gambling classification would hit earnings models harder than revenue alone.

The forecast also exposes a supplier concentration problem. Robinhood routes volume through Kalshi and its Rothera joint venture, so any partner dispute forces immediate migration. The platform's next vertical integration move will set the template for how brokerages source prediction markets. Rivals now face investor pressure to disclose comparable revenue.

The $145 target is the second major brokerage upgrade in as many hours to hinge prediction-market revenue, after Morgan Stanley's $150 target embedded the same assumption.

Rothera taps Stats Perform for sports event contracts data

Gives Rothera a proven data backbone for sports contracts, reducing settlement risk and potentially accelerating its product launch against established players.

Rothera joins Polymarket, which expanded its Sportradar partnership in August, in securing premium sports data infrastructure.

Prospect Markets to launch US prediction market via Crypto.com

The deal extends Crypto.com's role as infrastructure provider for U.S. prediction markets rather than a direct operator. Its CFTC-registered CDNA already white-labels access for High Roller and now Prospect Markets, adding another distribution channel for event contracts.

This deepens the white-label model without Crypto.com fielding its own competing venue. It positions the platform against Kalshi while giving Polymarket indirect competition through regulated rails. Any future CFTC scrutiny of shared infrastructure would affect both Crypto.com and its white-label clients equally.