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Checked Oct. 21, 2026

WI ยท Checked Oct. 21, 2026

Prediction market law in Wisconsin

In litigation

Wisconsin's suits against five prediction markets sit in federal court awaiting remand rulings, alongside CFTC, operator, tribal and voter cases.

On April 23, 2026, Attorney General Josh Kaul filed three Dane County suits against Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com, alleging that their sports event contracts violate state gambling law; the defendants removed them to federal court, where the state's remand and injunction motions were pending as of mid-October. The CFTC sued Wisconsin to assert preemption, but Judge William Griesbach denied it a preliminary injunction on July 28, 2026, and the CFTC appealed. Novig and Underdog filed their own federal suits. In the Ho-Chunk Nation's case against Kalshi and Robinhood, Judge William Conley denied an injunction but found the tribe likely to succeed on its Indian Gaming Regulatory Act claim; that ruling is now before the Seventh Circuit. Separately, the Elections Commission warned that buying election contracts could disqualify a voter, and a voter sued over that position in mid-October 2026.

Timeline of state actions

  1. Other development

    A voter, Joseph Giganti Sr., filed a federal civil-rights suit against Elections Commission members challenging the view that buying election contracts could disqualify him from voting (date per DeFi Rate's docket tracker).

    Source: DeFi Rate legal tracker

  2. Tribal action, Kalshi

    After Judge Conley certified his Ho-Chunk ruling for interlocutory appeal, Kalshi petitioned the Seventh Circuit for permission to appeal under 28 U.S.C. 1292(b) (No. 26-8020); no ruling on the petition was found.

    Source: Justia Dockets (7th Cir. No. 26-8020)

  3. Operator lawsuit, Underdog

    Underdog Exchange DCM and UDM (Underdog Predict) sued Wisconsin officials in the Western District of Wisconsin as part of a five-state filing.

    Source: SBC Americas

  4. Operator lawsuit, Novig

    Ludlow Exchange (Novig) sued to block the Wisconsin DOJ from enforcing state gambling law against its sports event contracts.

    Source: CoinStats prediction market legal tracker

  5. Court order

    In the CFTC's suit (E.D. Wis. No. 26-C-749), Judge William Griesbach denied a preliminary injunction, finding the CFTC unlikely to show that sports event contracts are swaps or that state gambling law is preempted. He also denied motions by two prediction markets to intervene. The CFTC appealed to the Seventh Circuit.

    Source: A&O Shearman litigation alert

  6. Regulator guidance, Kalshi, Polymarket

    The Wisconsin Elections Commission approved a staff memo concluding that election contracts likely count as wagers under Wis. Stat. 6.03(2), which can disqualify a voter from voting in that election.

    Source: Gambling Insider

  7. Court order, Kalshi, Robinhood

    In the Ho-Chunk case, Judge William Conley denied a preliminary injunction for lack of irreparable harm but let the tribe's Indian Gaming Regulatory Act claim proceed, finding it likely to succeed.

    Source: Courthouse News Service

  8. Other development

    The CFTC sued Gov. Tony Evers, AG Kaul and the Division of Gaming administrator in the Eastern District of Wisconsin, seeking a declaration that federal law preempts state gambling law as applied to exchange-listed event contracts.

    Source: The Block

  9. Other development, Kalshi, Robinhood, Coinbase

    Defendants removed the state's case to the Western District of Wisconsin; the Polymarket and Crypto.com cases were also removed.

    Source: CoinStats prediction market legal tracker

  10. State lawsuit, Kalshi, Robinhood, Coinbase, Polymarket, Crypto.com

    Attorney General Kaul filed three Dane County suits alleging that sports event contracts violate Wis. Stat. 945.03(1m) and create a public nuisance, seeking declarations and injunctions.

    Source: Wisconsin Department of Justice

  11. Tribal action, Kalshi, Robinhood

    The Ho-Chunk Nation sued Kalshi and Robinhood in the Western District of Wisconsin, alleging that sports event contracts amount to unauthorized Class III gaming on tribal lands, with additional Lanham Act and RICO claims.

    Source: CoinStats prediction market legal tracker

Laws and bills

No enacted laws or pending bills specific to prediction markets found.

Court cases

  • State of Wisconsin v. Kalshi, Inc.U.S. District Court for the Western District of Wisconsin (removed from Dane County Circuit Court, No. 26-CV-1284), 3:26-cv-00378Pending
  • State of Wisconsin v. QCX, LLCU.S. District Court for the Western District of Wisconsin (removed from Dane County Circuit Court, No. 2026CV001285), 3:26-cv-00375Pending
  • State of Wisconsin v. Foris Dax Markets, Inc.U.S. District Court for the Western District of Wisconsin (removed from Dane County Circuit Court, No. 2026CV001286), 3:26-cv-00381Pending
  • Ludlow Exchange LLC v. KaulU.S. District Court for the Western District of Wisconsin, 3:26-cv-00761Pending
  • Underdog Exchange DCM, Inc. v. KaulU.S. District Court for the Western District of Wisconsin, 3:26-cv-00858Pending
  • United States v. State of WisconsinU.S. District Court for the Eastern District of Wisconsin, 2:26-cv-00749On appeal
  • USA v. State of WisconsinU.S. Court of Appeals for the Seventh Circuit, 26-2636; 26-2675; 26-2696Pending
  • Ho-Chunk Nation v. Kalshi Inc., et al.U.S. District Court for the Western District of Wisconsin, 3:25-cv-00698 (W.D. Wis.); 26-8020 (7th Cir., petition for permission to appeal)Injunction denied
  • United States (CFTC) v. Wisconsin et al.U.S. District Court, E.D. Wis.; appeal to the U.S. Court of Appeals for the Seventh Circuit, 26-C-749 (E.D. Wis.); 26-2636 (7th Cir.)
  • Giganti, Sr. v. Moynihan, Jr. et al.U.S. District Court, E.D. Wis., 1:26-cv-01934

Sources

  1. CoinStats prediction market legal tracker
  2. Wisconsin Department of Justice
  3. The Block
  4. Courthouse News Service
  5. Gambling Insider
  6. A&O Shearman litigation alert
  7. SBC Americas
  8. Justia Dockets (7th Cir. No. 26-8020)
  9. DeFi Rate legal tracker
  10. Sports betting status