Overview
- The Tennessee Sports Wagering Council issued cease‑and‑desist letters on Jan. 9 directing the three platforms to stop offering sports contracts to state residents.
- Regulators ordered the firms to void open sports contracts and refund affected Tennessee users by Jan. 31.
- State officials warned that violations could bring civil penalties up to $25,000 per offense with potential felony referrals for continued noncompliance.
- The council says the companies lack a Tennessee sports wagering license and do not pay the state’s wagering privilege tax, classifying their offerings as illegal wagers.
- Kalshi, Polymarket and Crypto.com cite CFTC oversight to distinguish their markets from sportsbooks as Tennessee joins other states that have taken similar actions.