The Wisconsin tribe claims the prediction market platform violates federal gaming laws and tribal sovereignty.
Event contracts are drawing criticism from both the financial industry and the gambling sector.
Robinhood, source: Shutterstock
Kalshi and
Robinhood Markets were hit with a federal lawsuit this week from the Ho-Chunk
Nation, a federally recognized tribal nation in Wisconsin that operates
multiple gaming facilities under a state compact allowing sports betting on
tribal lands.
The
plaintiffs’ main objection seems to be that the gambling takes place not in
their casinos, but on smartphones.
Lawsuit Against Kalshi Over
Sports Betting on Tribal Lands
The 47-page
complaint, filed in the Western District of Wisconsin, accuses Kalshi
of disguising sports betting as "event contracts"
that allow users to buy "yes" or "no"
positions on sporting event outcomes. The Wisconsin-based tribe
argues this violates the Indian Gaming Regulatory Act, which
gives tribes exclusive authority to regulate gaming on their lands.
Kalshi
markets itself as a regulated derivatives exchange where users can
trade on real-world events, from sports outcomes to political
elections. The platform has gained attention for
allowing 18-year-olds to place what the tribe calls "bets"
on everything from NFL games to March Madness
basketball tournaments.
"Currently,
18-year-old high school students across the United States, including some that
are located on Indian reservations, are on their phones placing bets
on the outcome of virtually every sporting event occurring across the
globe," the complaint states.
Source: Court Documents
While it is
clear that the tribes are concerned about someone taking a share of their
profitable business, they may be right about one thing: event contracts are
largely sports bets. This
is evident even in the latest offering from CME Group, which this week
partnered with the online gaming company FanDuel, a provider of sports betting.
Event Contracts: Gamble or
Not?
The lawsuit
centers on whether
Kalshi's sports event contracts constitute gambling
under federal law. While Kalshi describes its offerings as
regulated commodities contracts overseen by the Commodity Futures
Trading Commission (CFTC), the Ho-Chunk Nation argues these are
simply sports wagers disguised with financial terminology.
The tribe
points to Kalshi's own marketing materials as evidence,
citing Instagram posts where the company promoted itself as
"The First Nationwide Legal Sports Betting
Platform" and advertised "Sports Betting Legal in all
50 States on Kalshi."
Wisconsin
law restricts sports betting to tribal casinos operating under
state compacts. The Ho-Chunk Nation operates three gaming
facilities and claims Kalshi's platform directly competes with
its regulated sportsbooks by allowing people to bet from
home instead of visiting tribal casinos.
Robinhood Also Hit
The
complaint also targets Robinhood, which partnered with Kalshi
in March to offer a "prediction markets hub" on its
investment platform. During March
Madness alone, Kalshi reported over $320 million in trading volume on
tournament-related contracts.
The timing
of Kalshi's expansion into sports markets has raised eyebrows.
The company filed to offer sports event contracts in January, just days
after Donald Trump Jr. announced he was joining Kalshi as a
strategic advisor. Trump's nominee to chair the CFTC, Brian
Quintenz, currently serves on Kalshi's board and owns stock in the
company.
The
Ho-Chunk Nation's case follows
similar litigation from three California tribes who sued Kalshi
and Robinhood earlier this year. These tribal nations argue that
unregulated online gambling undermines their exclusive gaming rights
and diverts revenue that funds tribal government services.
Kalshi and
Robinhood Markets were hit with a federal lawsuit this week from the Ho-Chunk
Nation, a federally recognized tribal nation in Wisconsin that operates
multiple gaming facilities under a state compact allowing sports betting on
tribal lands.
The
plaintiffs’ main objection seems to be that the gambling takes place not in
their casinos, but on smartphones.
Lawsuit Against Kalshi Over
Sports Betting on Tribal Lands
The 47-page
complaint, filed in the Western District of Wisconsin, accuses Kalshi
of disguising sports betting as "event contracts"
that allow users to buy "yes" or "no"
positions on sporting event outcomes. The Wisconsin-based tribe
argues this violates the Indian Gaming Regulatory Act, which
gives tribes exclusive authority to regulate gaming on their lands.
Kalshi
markets itself as a regulated derivatives exchange where users can
trade on real-world events, from sports outcomes to political
elections. The platform has gained attention for
allowing 18-year-olds to place what the tribe calls "bets"
on everything from NFL games to March Madness
basketball tournaments.
"Currently,
18-year-old high school students across the United States, including some that
are located on Indian reservations, are on their phones placing bets
on the outcome of virtually every sporting event occurring across the
globe," the complaint states.
Source: Court Documents
While it is
clear that the tribes are concerned about someone taking a share of their
profitable business, they may be right about one thing: event contracts are
largely sports bets. This
is evident even in the latest offering from CME Group, which this week
partnered with the online gaming company FanDuel, a provider of sports betting.
Event Contracts: Gamble or
Not?
The lawsuit
centers on whether
Kalshi's sports event contracts constitute gambling
under federal law. While Kalshi describes its offerings as
regulated commodities contracts overseen by the Commodity Futures
Trading Commission (CFTC), the Ho-Chunk Nation argues these are
simply sports wagers disguised with financial terminology.
The tribe
points to Kalshi's own marketing materials as evidence,
citing Instagram posts where the company promoted itself as
"The First Nationwide Legal Sports Betting
Platform" and advertised "Sports Betting Legal in all
50 States on Kalshi."
Wisconsin
law restricts sports betting to tribal casinos operating under
state compacts. The Ho-Chunk Nation operates three gaming
facilities and claims Kalshi's platform directly competes with
its regulated sportsbooks by allowing people to bet from
home instead of visiting tribal casinos.
Robinhood Also Hit
The
complaint also targets Robinhood, which partnered with Kalshi
in March to offer a "prediction markets hub" on its
investment platform. During March
Madness alone, Kalshi reported over $320 million in trading volume on
tournament-related contracts.
The timing
of Kalshi's expansion into sports markets has raised eyebrows.
The company filed to offer sports event contracts in January, just days
after Donald Trump Jr. announced he was joining Kalshi as a
strategic advisor. Trump's nominee to chair the CFTC, Brian
Quintenz, currently serves on Kalshi's board and owns stock in the
company.
The
Ho-Chunk Nation's case follows
similar litigation from three California tribes who sued Kalshi
and Robinhood earlier this year. These tribal nations argue that
unregulated online gambling undermines their exclusive gaming rights
and diverts revenue that funds tribal government services.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
CFD Broker RA Prime Joins Financial Commission for Dispute Resolution Support
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
