PANews reported on March 29 that according to Decrypt, New Jersey regulators have ordered Kalshi and Robinhood to stop providing sports-based prediction markets to New Jersey locals. Earlier this month, Robinhood partnered with Kalshi to launch a prediction market focused on the NCAA basketball tournament March Madness.

The New Jersey Division of Gaming Enforcement accused the trading platforms of illegally offering sports betting services in a cease and desist order. The regulator asked the two companies to stop allowing New Jersey residents to bet on sporting events and cancel existing sports-related bets from local residents. The letter stated that Robinhood and Kalshi must comply with the order by March 28, otherwise they will face enforcement action.