Baltimore sues Kalshi and Polymarket over allegedly illegal sports betting markets

Baltimore has initiated legal proceedings against prediction market platforms Kalshi and Polymarket, alleging the companies are operating illegal sports betting services under the guise of legitimate financial contracts. The mayor and city council filed separate lawsuits against the platforms and their affiliated entities, alleging violations of Baltimore's Consumer Protection Ordinance.

The lawsuits claim the companies offer sports betting without obtaining the necessary Maryland licenses and misrepresent the legality of their products. The city argues that both Kalshi and Polymarket are running unlicensed sportsbooks, despite describing their services as financial contracts. The Mayor of Baltimore emphasized that the companies are evading the law by repackaging gambling and urged the city to protect residents from potentially risky and unauthorized betting activities.