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The City of Baltimore has filed a complaint against Kalshi, the prediction market platform, and its retail partners Robinhood, Webull, and Coinbase, alleging violations of gambling laws and deceptive trade practices.
The case lands at the sharpest edge of a running regulatory dispute: whether event contracts on sports outcomes are financial instruments or, as Baltimore argues, gambling by another name.
The complaint and who it names Baltimore's filing identifies four companies. Kalshi is the platform offering prediction market contracts on sports events.
Robinhood, Webull, and Coinbase appear as partners, which pulls some of the largest names in retail brokerage and crypto exchange into a state gambling enforcement action.
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