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.
Plus500’s Average Client Deposit Jumps 124% in 2025, Launches $100M Share Buyback
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
