Crypto.com, Novig sue Missouri over sports event contracts; Kalshi, Polymarket, Robinhood hold off

Crypto.com and Novig have filed lawsuits against Missouri after the state issued cease-and-desist orders over sports event contracts, while Kalshi, Polymarket, Robinhood and Underdog have not filed suits according to court records. The dispute centers on whether event-based contracts count as regulated derivatives or illegal sports betting under state law. Traders in prediction markets should watch how Missouri's enforcement action and the resulting litigation shape the legal standing of event contracts, which could affect platform access and volumes in the U.S.