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Kentucky Attorney General Russell Coleman filed lawsuits against Coinbase, Kalshi, Polymarket, Robinhood, and Webull on Wednesday regarding alleged violations of the commonwealth’s consumer protection and gambling laws. In the complaints filed in state court, Coleman seeks specific financial penalties tied to the allegations as well as a court order blocking the defendants from offering trading of event contracts connected to sports.
Key Points Novig announced CFTC approval for its exchange on Tuesday. Company plans to launch new peer-to-peer trading platform in late summer 2026. Novig follows ProphetX in moving away from sweepstakes model. Within the context of sports-focused online trading platforms, the abandonment of sweepstakes models in favor of prediction market exchanges is on. Novig is the second notable brand to make the move following regulatory approval from the United States government.
A group including the American Gaming Association, the Indian Gaming Association, and labor unions is applying pressure to members of Congress to add language barring prediction markets from offering contracts based on sporting events in current legislation, according to a Tuesday report from Eleanor Mueller of Semafor. Such a provision could significantly curtail trading on exchanges like Kalshi, as market activity connected to sports accounts for a strong majority of the platform’s volume.
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