Prediction Markets
Prediction Markets Litigation Trends
45 predicted defendants identified in Rain Intelligence for this trend — companies that have not yet been sued, but are on plaintiffs’ firms’ radar.
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Rain Intelligence customers see the full list of companies under pre-filing investigation by plaintiffs’ firms — plus the AI-forecasted defendants most likely to be sued next, with case theories, evidence summaries, and plaintiff-firm activity. This public preview shows only what is already on the docket.
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Understanding the trend
What is this trend?
The report tracks litigation and investigation signals tied to prediction markets, sports event contracts, and adjacent online wagering products.
What caused it
The surge follows rapid consumer adoption of event-contract products, state gaming-law challenges, and payout or disclosure disputes involving platforms that market event outcomes as tradable contracts.
Practices driving the lawsuits
- Offering sports or event-based contracts in states that regulate sports wagering.
- Presenting prediction markets as financial products while consumers allege they function as gambling products.
- Disputes over contract language, payout rules, carveouts, and platform disclosures.
- Marketing sports or event-based contracts to retail consumers in states that regulate sports wagering.
Filed cases
Public court records · filterable + sortable
| Filed▼ | Defendant | Court | Firm | Industry | Theory | Complaint |
|---|---|---|---|---|---|---|
| Jul 13, 2026 | Kalshi Inc. Lavery v. Kalshi Inc. | Northern District of Illinois | Mark T. Lavery | Financial Services | Unlicensed wagering+1 | View |
| Jul 9, 2026 | Kalshi Inc.|KalshiEX LLC Adrian Vazquez et al. v. Kalshi Inc. et al. | Southern District of New York | Sterlington, PLLC | Lite DePalma Greenberg & Afanador, LLC | FinTech sector | Other | View |
| Jun 30, 2026 | Raúl Torrez|Terry McGaha|Patrick Garrett|Darren White|Van Billops|Mekko M. Miller|Billy G. Smith QCX LLC v. Torrez et al | District of New Mexico | Holland & Hart LLP; Gibson, Dunn & Crutcher LLP | Financial Services | Regulatory preemption+1 | View |
| Jun 23, 2026 | Kwame Raoul|JB Pritzker|Dionne R. Hayden|Sean Brannon|Stephen R. Ferrara|Caleb J. Melamed|Marcus D. Fruchter KalshiEX LLC v. Kwame Raoul, JB Pritzker, Dionne R. Hayden, Sean Brannon, Stephen R. Ferrara, Caleb J. Melamed, and Marcus D. Fruchter | Northern District of Illinois | UB Greensfelder LLP; Milbank LLP | Financial Services | Regulatory preemption+2 | View |
| Jun 22, 2026 | KalshiEX LLC Adam Risch v. KalshiEX LLC | Southern District of New York | Adam Risch | Financial Services | Other | View |
| Jun 18, 2026 | Michael S. Selig|Commodity Futures Trading Commission Chicago Mercantile Exchange Inc. v. Michael S. Selig and Commodity Futures Trading Commission | District of Columbia | Jenner & Block LLP | Financial Services | Regulatory preemption | View |
| Jun 17, 2026 | Robinhood Markets, Inc.|Robinhood Derivatives, LLC Austin et al v. Robinhood Markets, Inc. et al. | Northern District of California | Robbins Geller Rudman & Dowd LLP; Herman Jones LLP; Law Office of George W. Cochran | Financial Services | Regulatory preemption+2 | View |
| Jun 12, 2026 | State of New Mexico|Michelle Lujan Grisham|Raul Torrez|Patrick Garrett|Indy White|Van Billops|Mekko Miller United States of America et al v. State of New Mexico et al | District of New Mexico | U.S. Department of Justice|Commodity Futures Trading Commission | Financial Services | Regulatory preemption+1 | View |
| Jun 12, 2026 | Robinhood Markets, Inc.|Robinhood Derivatives, LLC Collar et al. v. Robinhood Markets, Inc. and Robinhood Derivatives, LLC | Northern District of California | Wolf Popper LLP|Isquith Law LPPC | Financial services and banking | Regulatory preemption+2 | View |
| Jun 10, 2026 | Robinhood Markets, Inc.|Robinhood Derivatives, LLC Matthew Mazza v. Robinhood Markets, Inc. | Northern District of California | Robbins Geller Rudman & Dowd LLP; Herman Jones LLP | Financial services and banking | Regulatory preemption+2 | View |
| Jun 4, 2026 | KalshiEX LLC|Kalshi Inc.|Kalshi Klear LLC|Kalshi Klear Inc.|Kalshi Trading LLC Adam Risch and Yonatan Gliksman v. KalshiEX LLC, Kalshi Inc., Kalshi Klear LLC, Kalshi Klear Inc., Kalshi Trading LLC | Central District of California | Novian & Novian, LLP | Financial Services | Consumer deception+2 | View |
| Jun 3, 2026 | Keith Ellison|Tim Walz|Jon Anglin QCX LLC d/b/a Polymarket US v. Keith Ellison, Tim Walz, and Jon Anglin | District of Minnesota | Norton Rose Fulbright US LLP; Gibson, Dunn & Crutcher LLP | Financial Services | Regulatory preemption+1 | View |
| May 29, 2026 | Kalshi, Inc. State of Wisconsin v. Kalshi, Inc. | Western District of Wisconsin | State of Wisconsin | Financial Services | Other | View |
| May 27, 2026 | Keith Ellison|Tim Walz|Jon Anglin KalshiEX LLC v. Keith Ellison, Tim Walz, and Jon Anglin | District of Minnesota | Greene Espel PLLP | Milbank LLP | Financial Services | Regulatory preemption+1 | View |
| May 27, 2026 | Michele Spagnuolo Commodity Futures Trading Commission v. Spagnuolo | Southern District of New York | Commodity Futures Trading Commission | Financial Services | Regulatory preemption | View |
| May 21, 2026 | Mark Furcolo|Peter F. Neronha|Christina Tobiasz KalshiEX LLC v. Mark Furcolo, Peter F. Neronha, and Christina Tobiasz | District of Rhode Island | Hinckley, Allen & Snyder LLP|Milbank LLP | Financial Services | Regulatory preemption+1 | View |
| May 19, 2026 | State of Minnesota|Tim Walz|Keith Ellison|Minnesota Department of Public Safety|Jon Anglin United States of America and Commodity Futures Trading Commission v. State of Minnesota, Tim Walz, Keith Ellison, Minnesota Department of Public Safety, and Jon Anglin | District of Minnesota | U.S. Department of Justice, Civil Division|U.S. Attorney's Office for the District of Minnesota|Commodity Futures Trading Commission, Office of General Counsel | Financial services | Regulatory preemption+1 | View |
| May 18, 2026 | Kalshi, Inc.|KalshiEX, LLC|Kalshi Klear, LLC|Kalshi Klear, Inc.|Kalshi Trading LLC Josephson et al v. Kalshi, Inc. et al | Northern District of Illinois | Bryson Harris Suciu & DeMay PLLC | Financial Services | Unlicensed wagering+1 | View |
| May 12, 2026 | Kalshi, Inc.|KalshiEx, LLC Mescalero Apache Tribe et al v. Kalshi, Inc. et al | District of New Mexico | Rey-Bear McLaughlin, LLP | Financial Services | Unlicensed wagering | View |
| May 11, 2026 | Kalshi, Inc.|KalshiEX LLC|Kalshi Klear, Inc.|Kalshi Klear LLC|Kalshi Trading LLC|Susquehanna International Group, LLP|Susquehanna Government Products, LLLP Donovan Roberts v. Kalshi, Inc. et al. | Western District of Kentucky | Rhoads & Rhoads PSC; Davis & Norris, LLP | Financial Services | Regulatory preemption+2 | View |
| May 8, 2026 | Kalshi Inc. Ho-Chunk Nation v. Kalshi Inc. | Western District of Wisconsin | Quarles & Brady LLP | The Law Offices of Rapport and Marston | The Ho-Chunk Nation | Financial Services | Unlicensed wagering+1 | View |
| Apr 30, 2026 | KALSHI INC GEORGIA GAMBLING RECOVERY LLC v. KALSHI INC | Middle District of Georgia | GEORGIA GAMBLING RECOVERY LLC | Financial Services | Unlicensed wagering | View |
| Apr 27, 2026 | Kalshi Inc. Nicholas Brown v. Kalshi Inc. | Western District of Washington | Maze Law Group PLLC | Kothari Law LLC | Wade, Grunberg & Wilson, LLC | Technology and digital platforms | Consumer deception+1 | View |
| Apr 22, 2026 | Robinhood Markets, Inc.|Robinhood Derivatives, LLC Chehal et al. v. Robinhood Markets, Inc. et al. | Northern District of California | Wolf Popper LLP | Financial services and banking | Regulatory preemption+2 | View |
| Apr 12, 2026 | Austin Knudsen|Alex Sterhan|Montana Gambling Control Division|Tony Harbaugh|Jon Metropoulos|Steve Morris|Leo Prigge|Janna Taylor KalshiEX LLC v. Austin Knudsen, et al. | District of Montana | Laird Cowley, PLLC; Milbank LLP | Financial Services | Regulatory preemption+2 | View |
| Apr 6, 2026 | Mary Jo Flaherty|Division of Gaming Enforcement|James T. Plousis|Alisa Cooper|Casino Control Commission|Matthew J. Platkin|Joyce Mollineaux KalshiEX, LLC v. Mary Jo Flaherty | U.S. Court of Appeals for the Third Circuit | Milbank LLP | Financial Services | Regulatory preemption+1 | View |
| Apr 2, 2026 | State of Connecticut|Connecticut Department of Consumer Protection, Gaming Division United States of America and Commodity Futures Trading Commission v. State of Connecticut et al | District of Connecticut | U.S. Department of Justice Civil Division|U.S. Commodity Futures Trading Commission Office of General Counsel | Financial Services | Regulatory preemption+2 | View |
| Mar 30, 2026 | Tina Griffin | Alicia Levy | Sarah Lawson | Noah Skartvedt | Michael Charles | Nicholas W. Brown Robinhood Derivatives, LLC v. Griffin et al | Western district of washington | Davis Wright Tremaine Llp, Cravath, Swaine & Moore Llp | Financial Services | Regulatory preemption+2 | View |
| Mar 24, 2026 | Kalshiex llc | Kalshi inc. | Kalshi klear llc | Kalshi klear inc. | Kalshi trading llc Itay Golan v. Kalshiex LLC, Kalshi Inc., Kalshi Klear LLC, Kalshi Klear Inc., and Kalshi Trading LLC | New York Southern District Court | Leeds Brown Law, P.c. and Daniella Levi & Associates, P.c. | Consumer products and retail | Unlicensed wagering+2 | View |
| Mar 18, 2026 | Gemini Space Station, Inc. Methvin v. Gemini Space Station, Inc. et al | Southern district of new york | Pomerantz Llp | Financial Services | Consumer deception | View |
| Mar 5, 2026 | Kalshiex llc | Kalshi inc. | Kalshi klear llc | Kalshi klear inc. | Kalshi trading llc Adam Risch and Yonatan Gliksman v. KalshiEX LLC, Kalshi Inc., Kalshi Klear LLC, Kalshi Klear Inc., and Kalshi Trading LLC | California Central District Court | Novian & Novian, Llp | Consumer products / retail | Consumer deception+1 | View |
| Mar 4, 2026 | Robinhood Robinhood Derivatives, LLC v. Nessel et al | Western District of Michigan | Miller Johnson | Cravath, Swaine & Moore LLP | Financial Services | Other | View |
| Feb 23, 2026 | Kalshi KalshiEx LLC v. Cox et al | District of utah | Snell & wilmer l.l.p., milbank llp | Financial Services | Regulatory preemption+2 | View |
| Feb 13, 2026 | North american derivatives exchange inc d/b/a crypto.com | Foris dax inc | Does 1-20 Kamana Keohohou and Nicholas Evans v. North American Derivatives Exchange, Inc. d/b/a Crypto.com, Foris DAX, Inc., and Does 1–20 | Florida Southern District Court | Varnell & Warwick, P.A., Almeida Law Group Llc, Weitz & Luxenberg Pc, Cutter Law, P.C., Tycko & Zavareei Llp | Financial Services | Regulatory preemption+2 | View |
| Feb 11, 2026 | Blockratize inc dba polymarket | qcx llc dba polymarket us | qc clearing llc dba polymarket clearing | qc tech llc dba pm us tech | adventure one qss inc dba polymarket | does 1-20 Yoon v. Blockcratize, Inc. d/b/a Polymarket et al | Southern District of New York | Weitz & Luxenberg, Cutter Law, Almeida Law Group, Tycko & Zavareei | Financial Services | Unlicensed wagering+1 | View |
| Feb 9, 2026 | Andrea Joy Campbell | Jordan Maynard | Eileen O'Brien | Bradford R. Hill | Nakisha Skinner | Paul Brodeur | Dean Serpa QCX LLC v. Campbell et al | District of Massachusetts | Gibson Dunn & Crutcher LLP, Mintz Levin Cohn Ferris Glovsky and Popeo PC | Financial Services | Regulatory preemption+1 | View |
| Feb 4, 2026 | Blockratize inc dba polymarket | Adventure one qss inc dba polymarket.com | Qcx llc dba polymarket us Lorenzo Miro San Diego v. Blockratize, Inc. d/b/a Polymarket, Adventure One QSS, Inc. d/b/a Polymarket.com, and QCX LLC d/b/a Polymarket US | New York Southern District Court | Shamis & Gentile, P.A. and Edelsberg Law, P.A. | Financial Services | Unlicensed wagering+1 | View |
| Feb 4, 2026 | Aaron d. ford | Mike dreitzer | George assad | Chandeni k. sendall | Jennifer togliatti | Rosa solis-rainey | Brian krolicki | George markantonis | Abbi silver Coinbase Financial Markets, Inc. v. Ford et al | District of Nevada | Snell & Wilmer L.l.p., Sullivan & Cromwell Llp | Financial Services | Regulatory preemption+2 | View |
| Feb 4, 2026 | Robinhood Markets, Inc. (PS) Robinhood News Inc. et al v. Robinhood Markets, Inc. | Eastern district of california | no law firms representing the plaintiff are explicitly mentioned in the provided information | Financial Services | Unlicensed wagering+1 | View |
| Jan 29, 2026 | Kalshi inc. | Kalshiex llc | Kalshi klear inc. | Kalshi klear llc | Kalshi trading llc | Susquehanna international group, llp | Susquehanna government products, llp Christopher Jennings v. Kalshi Inc., Kalshiex LLC, Kalshi Klear Inc., Kalshi Klear LLC, Kalshi Trading LLC, Susquehanna International Group, LLP, and Susquehanna Government Products, LLP | Alabama Middle District Court | Beasley, Allen, Crow, Methvin, Portis & Miles, P.C.; Smith Krivoshey, Pc; The Cleveland Firm, Llc | Financial Services | Unlicensed wagering+1 | View |
| Jan 13, 2026 | Kalshiex llc | Kalshi inc | Kalshi klear inc | Kalshi klear llc | Kalshi trading llc Alexander Hallman, Jeremy Kravetz, Daniel Greenberg, Nathaniel Bee, and Abhijn Gutta v. KalshiEX LLC, Kalshi Inc., Kalshi Klear Inc., Kalshi Klear LLC, and Kalshi Trading LLC | New York Southern District Court | Kaplan Fox & Kilsheimer Llp | Consumer products and retail | Regulatory preemption+2 | View |
| Jan 8, 2026 | Kalshi, inc. | Kalshiex, llc | Kalshi klear, llc | Kalshi klear, inc. | Kalshi trading llc Brett Josephson, Luis Cuevas, Tyrone Stuckey, and Temuujin Shaariibuu v. Kalshi, Inc, KalshiEX, LLC, Kalshi Klear, LLC, Kalshi Klear, Inc., and Kalshi Trading LLC | Illinois Northern District Court | Bryson Harris Suciu & Demay Pllc | Financial Services | Regulatory preemption+2 | View |
| Dec 18, 2025 | William tong | Bryan t. cafferelli | Kristofer gilman Coinbase Financial Markets, Inc. v. Tong et al | District of Connecticut | Sullivan & Cromwell llp | Financial Services | Regulatory preemption+1 | View |
| Dec 18, 2025 | Kwame raoul | Dionne r. hayden | Sean brannon | Stephen r. ferrara | Caleb j. melamed | Marcus d. fruchter Coinbase Financial Markets, Inc. v. Raoul, in his official capacity as Attorney General for the State of Illinois et al | Northern District of Illinois | Scharf Banks Marmor Llc, Sullivan & Cromwell Llp | Financial Services | Regulatory preemption+1 | View |
| Dec 18, 2025 | Dana Nessel | Jim Ananich | Joni M. Thrower Davis | Andrew T. Palms | Deidre A. Lambert-Bounds | Mark Evenson | Henry Williams Coinbase Financial Markets, Inc. v. DANA NESSEL, in her official capacity as Attorney General of Michigan et al | Eastern District of Michigan | Miller, Canfield, Paddock and Stone, Plc and Sullivan & Cromwell Llp | Financial Services | Regulatory preemption+1 | View |
| Dec 3, 2025 | Connecticut department of consumer protection KALSHIEX LLC v. Cafferelli et al | District of Connecticut United States | Mccarter & English, Llp and Milbank Llp | Financial Services | Regulatory preemption+2 | View |
| Nov 26, 2025 | Kalshi inc. | Kalshiex llc | Kalshi klear inc. | Kalshi klear llc | Kalshi trading llc Crystal Pelayo et al. v. Kalshi Inc. et al. | New York Southern District Court | Lieff cabraser heimann & bernstein, llp | Financial Services | Unlicensed wagering+1 | View |
| Oct 27, 2025 | New York State Gaming Commission KalshiEX LLC v. Williams et al | Southern District New York | Milbank Llp | Financial Services | Regulatory preemption+1 | View |
| Oct 7, 2025 | Matthew T. Schuler | Thomas J. Stickrath | Sheetal Bajoria | Scott Borgemenke | Keith Cheney | Penelope Cunningham | Christopher Smitherman | Triffon Callos | Ohio Casino Control Commission | Dave Yost Kalshiex LLC v. Schuler et al | Southern District of Ohio | Organ Law LLP | Milbank LLP | Financial Services | Regulatory preemption | View |
| Sep 29, 2025 | Commodity Futures Trading Commission | Caroline D. Pham SLEEPER MARKETS LLC v. COMMODITY FUTURES TRADING COMMISSION et al | District of Columbia | Milbank LLP | Prediction markets / online wagering | Regulatory preemption | View |
| Sep 15, 2025 | Andrea Joy Campbell|Jordan Maynard|Eileen O'Brien|Bradford R. Hill|Nakisha Skinner|Paul Brodeur Robinhood Derivatives, LLC v. Campbell et al | District of Massachusetts | Eckert Seamans Cherin & Mellott, LLC | Cravath, Swaine & Moore LLP | Financial Services | Regulatory preemption+2 | View |
| Aug 20, 2025 | Kalshiex Llc | Robinhood Derivatives, Llc Ho-Chunk Nation v. Kalshi Inc. et al | Western District of Wisconsin | Quarles & Brady LLP | Rapport and Marston | Legislative Counsel, Ho-Chunk Nation | Financial Services | Unlicensed wagering+1 | View |
| Aug 19, 2025 | Robinhood Robinhood Derivatives, LLC v. Dreitzer et al | District of Nevada | Pisanelli Bice PLLC | Cravath, Swaine & Moore LLP | Financial Services | Regulatory preemption | View |
| Aug 19, 2025 | Mary Jo Flaherty | New Jersey Division of Gaming Enforcement | Matthew J. Platkin ROBINHOOD DERIVATIVES, LLC v. FLAHERTY et al | District of New Jersey | Chiesa Shahinian & Giantomasi PC | Cravath, Swaine & Moore LLP | Financial Services | Regulatory preemption | View |
| Jul 22, 2025 | Kalshi Blue Lake Rancheria et al v. KALSHI INC. et al | Northern District of California | the law offices of rapport and marston | Financial Services | Unlicensed wagering+1 | View |
| Jun 3, 2025 | Kirk D. Hendrick | George Assad | Chandeni K. Sendall | State of Nevada | Aaron D. Ford North American Derivatives Exchange, Inc. et al v. The State of Nevada on relation of the Nevada Gaming Control Board et al | District of Nevada | Snell & Wilmer | Cleary Gottlieb Steen & Hamilton LLP | Financial Services | Regulatory preemption | View |
| Apr 21, 2025 | John A. Martin | Maryland Lottery And Gaming Control Agency | Michael Eaton | Everett D. Browning, Sr. | E. Randolph Marriner | Ade Adebisi | Diane Croghan | George L. Doetsch, Jr. | Harold E. Hodges | James J. Stakem | Maryland Lottery And Gaming Control Commission | Anthony G. Brown Kalshiex LLC v. Martin et al | District of Maryland | Milbank LLP | Financial Services | Other | View |
| Mar 28, 2025 | Kirk D. Hendrick | George Assad | Chandeni K. Sendall | Nevada Gaming Control Board | Jennifer Togliatti | Rosa Solis-Rainey | Brian Krolicki | George Markantonis | Abbi Silver | Nevada Gaming Commission | Aaron D. Ford KALSHIEX, LLC v. Hendrick et al | District of Nevada | Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC | Milbank LLP | Financial Services | Other | View |
| Mar 28, 2025 | Mary Jo Flaherty | New Jersey Division of Gaming Enforcement | James T. Plousis | Alisa Cooper | Joyce Mollineaux | New Jersey Casino Control Commission | Matthew J. Platkin KALSHIEX, LLC v. FLAHERTY et al | District of New Jersey | Milbank LLP | Financial Services | Regulatory preemption+1 | View |
| Feb 26, 2025 | Underdog Sports, Llc D/B/A Underdog Fantasy Brian Ballentine, Jeanclaude Lominy, Lauren Wolf, and Isaac Roth v. Underdog Sports, LLC d/b/a/ Underdog Fantasy | New York Eastern District Court | Lieff Cabraser Heimann & Bernstein, Llp | Media & Entertainment | Unlicensed wagering+2 | View |
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