66°
Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Prediction markets under fire: Louisiana AG targets Kalshi, major trading platforms in lawsuit

18 minutes 11 seconds ago Thursday, November 12 2026 Nov 12, 2026 November 12, 2026 5:49 PM November 12, 2026 in News
Source: WBRZ

BATON ROUGE — Louisiana Attorney General Liz Murrill announced that she has filed a lawsuit in state court against several prediction markets, financial trading platforms and sports gaming companies, alleging they operate as illegal online gambling operations.

In a public statement, Murrill said the state is seeking an immediate temporary restraining order and a preliminary injunction to halt the platforms' operations in Louisiana.

"For too long, they have violated our laws with impunity. No longer: I am seeking an immediate restraining order and an injunction to restore the rule of law in Louisiana," Murrill shared in a Facebook post.

According to court documents filed in the 21st Judicial District Court in Tangipahoa Parish, the lawsuit targets a wide array of entities. Key defendants named in the petition include:

- Prediction markets: Kalshi Inc., QCX LLC (doing business as Polymarket US), ForecastEx LLC, Ludlow Exchange LLC (Novig), and ProphetX Opco LLC (ProphetX).

- Financial and crypto platforms: Robinhood Markets Inc., Coinbase Global Inc., Foris DAX Inc. (Crypto.com) and Gemini Trust Company LLC.

- Sports and derivatives entities: Underdog Sports Holdings Inc., North American Derivatives Exchange Inc. and IG Group Holdings PLC.

In the petition for injunctive relief and civil penalties, the Attorney General's office argues that "in today's digital betting market, virtually anything can become a wager." The filing specifically points to KalshiEX's platform as an example, noting that users are able to place bets on non-sporting events and political outcomes, such as which party will control the Senate, who will be the next White House Press Secretary, Oscar winners, Federal Reserve interest rates and college football championships.

This lawsuit comes just weeks after Kalshi filed a federal lawsuit against top Louisiana leaders, seeking to block the state from shutting down its sports-related trading platform or charging it under local gambling laws.

Kalshi's suit named Governor Jeff Landry, AG Murrill and members of the Louisiana Gaming Control Board as defendants.

The state is asking the court for an immediate temporary restraining order, a preliminary injunction, civil penalties and other relief against the named companies.

The state of Utah also filed criminal charges against Kalshi and its co-founders in October. 

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days