Four more companies have agreed to stop offering sports event contracts in Ohio, bringing the total that have complied with the Ohio Casino Control Commission’s cease-and-desist letters to five.
The OCCC told LSR Thursday that MooMoo Financial, Robinhood and Gemini no longer offer new sports event contracts in the state, following the orders it sent to 10 prediction markets and brokers on Oct. 2. Coinbase has agreed to stop offering them as of Nov. 13. They join Plus500US, which the OCCC said was in compliance on Oct. 21.
Polymarket and Underdog are suing the commission, while the OCCC continues discussions with the remaining three companies.
The commission also said it could not share details on licensees’ compliance with its Oct. 20 warning against providing services to prediction markets, citing how recent the request was and the investigative nature of it.
Who has complied and who is fighting
On Sept. 26, the Sixth Circuit Court of Appeals ruled against Kalshi, setting the stage for the OCCC to send cease-and-desist letters to other prediction markets. The commission sent letters to 10 companies:
- Coinbase
- Gemini Titan
- Moomoo Financial
- Novig
- Plus500US
- Polymarket
- ProphetX
- Robinhood Derivatives
- Underdog Predict
- Webull Financial
Five of those companies have either complied or will by next week. With Polymarket and Underdog suing the commission, that leaves Novig, ProphetX and Webull as the remaining companies still “in discussions” with the commission, the OCCC told LSR.
The OCCC declined to comment on what action it may take against companies that don’t comply, instead pointing back to the letters. Those letters warned that ignoring the order could lead to administrative, civil, nuisance or criminal action, along with a civil penalty equal to the money each company made offering sports event contracts to Ohioans.
Some Ohio licensees yet to confirm compliance
The OCCC also sent a letter on Oct. 20 to its sports betting and fantasy licensees, including suppliers, management services providers and mobile management services providers. The letter ordered them to “immediately cease” any activities that “continue to facilitate, support, or otherwise provide services” to prediction markets and to notify the commission in writing by Oct. 30.
The OCCC told LSR earlier this week that “there have been several licensees that have confirmed compliance, however, there are some that have yet to confirm compliance with the Commission’s October 30 deadline.”
The commission said it intends to follow up with those licensees but declined to comment further “given both the recency and investigative nature of the Commission’s request.”
The letter warned that licensees who don’t comply could face reopened suitability investigations, along with possible suspension or revocation of their licenses.
