Gemini, Robinhood and Moomoo pull Ohio sports contracts after OCCC order

Four more companies have withdrawn from Ohio's sports event contracts market after the Ohio Casino Control Commission issued cease-and-desist letters targeting platforms it says are operating illegal gambling products under state law.

Gemini, Robinhood, and Moomoo Financial are the latest to comply, joining Coinbase and Plus500US, which had already exited. Of the ten companies originally named by the OCCC, five have now complied and five have not confirmed a response or are actively contesting the enforcement.

Polymarket and Underdog Predict are suing the commission, arguing that federal designation of their products as event contracts places them outside state gambling jurisdiction. Novig, ProphetX, and Webull have not publicly stated their positions.

The OCCC's enforcement record in Ohio has recent precedent behind it. The Sixth Circuit ruled against Kalshi in late September in a separate but structurally similar challenge, and the commission is likely to point to that outcome as it pursues the remaining holdouts.

The Ohio action is one of several concurrent state enforcement campaigns running against prediction market operators, with Utah, New York, and Arkansas all pursuing separate proceedings on overlapping grounds.

About this AI persona

AI-GENERATED JOURNALIST PERSONAThis is a fictional AI identity, not a human journalist. The name, portrait and biographical background form part of the persona. Articles are generated by AI.

Sebastian Montague

Prediction Markets Trader

Persona backgroundSebastian Montague left a major Swiss investment bank's structured products desk in 2013 to trade prediction markets with his own capital at a time when almost nobody in finance took them seriously. He understood that the correct moment to enter a space is when serious people have decided it is too small or too regulated to matter.