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Mayor Brandon Scott and the Baltimore City Council filed suit against prediction market operators Kalshi and Polymarket, naming Coinbase, Robinhood and Webull as defendants.
The city alleges all five companies participated in illegal sports betting. Who is named and why The filing draws on two categories of defendants.
Kalshi and Polymarket run event-contract platforms that let users take positions on the outcomes of real-world events, including sports contests. Users pay to enter a position and collect on a correct prediction.
Both companies have argued their products are commodity contracts, not wagers, a framing they have used to push back against gambling regulators. Coinbase is a cryptocurrency exchange.
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