Which practices are driving the lawsuits in this trend?

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.

Prediction Markets

Name: Prediction Markets
Creator: Rain Intelligence
Published: 2026-08-28T14:37:27.000Z
License: https://www.rainintelligence.com/terms-conditions

Prediction Markets Litigation Trends

GeneratedAug 28, 2026

51 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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Filings

Cases already on the docket

Under investigation

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AI forecasts

Likely next defendants — full list in product

Total predictions

Investigations + forecasts

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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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Pre-filing investigations

AI forecasts

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

66 of 66 filings·51 hiddenBook a Demo

Filed▼	Defendant	Court	Firm	Industry	Theory	Complaint
Aug 14, 2026	Joshua L. Kaul; John Dillett 3:26-cv-00761	Western District of Wisconsin	Gass Turek LLC	Financial Services	Other	View
Aug 13, 2026	DraftKings, Inc.; GUS III, LLC 8:26-cv-02199	Central District of California	REESE LLP	Technology and digital platforms	Other	View
Aug 10, 2026	Kalshi Inc.; KalshiEX LLC; Kalshi Klear Inc.; Kalshi Klear LLC 1:2026cv06824	Southern District New York	Wollmuth Maher & Deutsch LLP	Technology / Digital Platforms	Other	View
Aug 6, 2026	Andrea Joy Campbell; Jordan Maynard; Dean Serpa; Eileen O'Brien; Bradford R. Hill; Nakisha Skinner; Paul Brodeur 1:2026cv13615	District of Massachusetts	Aaron Katz Law LLC	Other	Other	View
Aug 4, 2026	Letitia James; Robert Williams; Brian O'Dwyer; Peter J. Moschetti, Jr.; John A. Crotty; Sylvia B. Hamer; Martin J. Mack; Marissa Shorenstein; Jerry Skurnik 1:2026cv06676	Southern District of New York	Sullivan & Cromwell LLP	Financial Services	Other	View
Aug 3, 2026	Robinhood Markets, Inc.; Robinhood Derivatives, LLC 3:26-cv-08045	Northern District of California	Wolf Popper LLP	Financial services and banking	Other	View
Jul 13, 2026	Kalshi Inc.	Northern District of Illinois	Mark T. Lavery	Financial Services	Unlicensed wagering+1	View
Jul 9, 2026	Kalshi Inc.\|KalshiEX LLC	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	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	Northern District of Illinois	UB Greensfelder LLP; Milbank LLP	Financial Services	Regulatory preemption+2	View
Jun 22, 2026	KalshiEX LLC	Southern District of New York	Adam Risch	Financial Services	Other	View
Jun 18, 2026	Michael S. Selig\|Commodity Futures Trading Commission	District of Columbia	Jenner & Block LLP	Financial Services	Regulatory preemption	View
Jun 17, 2026	Robinhood Markets, Inc.\|Robinhood Derivatives, LLC	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	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	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	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	Central District of California	Novian & Novian, LLP	Financial Services	Consumer deception+2	View
Jun 3, 2026	Keith Ellison\|Tim Walz\|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.	Western District of Wisconsin	State of Wisconsin	Financial Services	Other	View
May 27, 2026	Keith Ellison\|Tim Walz\|Jon Anglin	District of Minnesota	Greene Espel PLLP \| Milbank LLP	Financial Services	Regulatory preemption+1	View
May 27, 2026	Michele 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	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	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	Northern District of Illinois	Bryson Harris Suciu & DeMay PLLC	Financial Services	Unlicensed wagering+1	View
May 12, 2026	Kalshi, Inc.\|KalshiEx, LLC	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	Western District of Kentucky	Rhoads & Rhoads PSC; Davis & Norris, LLP	Financial Services	Regulatory preemption+2	View
May 8, 2026	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	Middle District of Georgia	GEORGIA GAMBLING RECOVERY LLC	Financial Services	Unlicensed wagering	View
Apr 27, 2026	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	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	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	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	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	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	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.	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	California Central District Court	Novian & Novian, Llp	Consumer products / retail	Consumer deception+1	View
Mar 4, 2026	Robinhood	Western District of Michigan	Miller Johnson \| Cravath, Swaine & Moore LLP	Financial Services	Other	View
Feb 23, 2026	Kalshi	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	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	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	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	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	District of Nevada	Snell & Wilmer L.l.p., Sullivan & Cromwell Llp	Financial Services	Regulatory preemption+2	View
Feb 4, 2026	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	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	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	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	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	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	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	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	New York Southern District Court	Lieff cabraser heimann & bernstein, llp	Financial Services	Unlicensed wagering+1	View
Oct 27, 2025	New York State Gaming Commission	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	Southern District of Ohio	Organ Law LLP \| Milbank LLP	Financial Services	Regulatory preemption	View
Sep 29, 2025	Commodity Futures Trading Commission \| Caroline D. Pham	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	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	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	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	District of New Jersey	Chiesa Shahinian & Giantomasi PC \| Cravath, Swaine & Moore LLP	Financial Services	Regulatory preemption	View
Jul 22, 2025	Kalshi	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	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	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	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	District of New Jersey	Milbank LLP	Financial Services	Regulatory preemption+1	View
Feb 26, 2025	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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