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Tennessee Orders Sports Betting Platforms to Cease Operations

1/12/2026

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Summary

Story summary

The Tennessee Sports Wagering Council issued a cease-and-desist order to Polymarket, Kalshi, and Crypto.com, demanding they halt sports contracts and refund customers by January 31, 2026.
SWC says the platforms violate Tennessee gaming laws, including licensing and age restrictions.
If the platforms fail to comply, fines starting at $10,000 and potential criminal charges may result.
Kalshi has filed a federal lawsuit asserting exclusive jurisdiction and highlighting concerns about predictive markets.

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Story summary

The Tennessee Sports Wagering Council issued a cease-and-desist order to Polymarket, Kalshi, and Crypto.com, demanding they halt sports contracts and refund customers by January 31, 2026.
SWC says the platforms violate Tennessee gaming laws, including licensing and age restrictions.
If the platforms fail to comply, fines starting at $10,000 and potential criminal charges may result.
Kalshi has filed a federal lawsuit asserting exclusive jurisdiction and highlighting concerns about predictive markets.