Due to the ongoing lawsuit, the Ho-Chunk Nation has moved to block Kalshi from offering sports contracts for the duration of the legal battle.
According to legal documents shared by gaming lawyer Daniel Wallach, the Ho-Chunk Nation has moved for a preliminary injunction to prevent Kalshi from offering sports event contracts on the Tribe’s lands for the duration of the lawsuit, arguing that it’s in violation of its State-Tribal Compact.
The lawsuit in question has been filed in the US District Court for the Western District of Wisconsin. It’s centered around the argument that Kalshi’s sports event contracts are not merely financial products but illegal bets that are in violation of both federal law and state constitutions, as well as undermine tribal exclusive gambling rights.
“By making its sports wagering contracts available on the Nation’s Indian Lands and offering for play to the general public the class III game of sports wagering, Kalshi violates the Nation’s Compact, Ordinance, and Gaming Commission regulations, and directly interferes with and impairs the Nation’s sovereign right to regulate gaming on its Indian Lands,” said the the Ho-Chunk Nation in the original lawsuit filings. “While masquerading as novel commodities and futures products, these event contracts are, substantively, nothing more than illegal, unregulated wagers on the outcomes of sporting events.”
Kalshi’s legal battles continue
Kalshi is fighting a war of many fronts, pushing back on lawsuits on similar grounds in Connecticut, California, Ohio, and more. Kalshi has already also been blocked from operating in Nevada, alongside other prediction markets.
This has, in part, led to Kalshi forming a coalition in defence of prediction markets, as the budding sector continues to pick up steam. In the case of the Ho-Chunk Nation’s lawsuit, Kalshi is pushing to have it thrown out entirely, but could be forced to cease operations in the meantime if the injunction is granted.
Featured image: Kalshi
The post Ho-Chunk Nation moves to block Kalshi from offering contracts during ongoing lawsuit appeared first on ReadWrite.