Press Coverage November 4, 2025

Robinhood Shareholders Gleeful Over Firm’s ‘Prediction Market’ Push, But State AGs Say It’s Illegal Gambling

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Stephen C. Piepgrass

Stephen Piepgrass, leader of Troutman Pepper Locke’s Regulatory Investigations, Strategy + Enforcement (RISE) Practice Group, was quoted in the November 4, 2025 Law.com article, “Robinhood Shareholders Gleeful Over Firm’s ‘Prediction Market’ Push, But State AGs Say It’s Illegal Gambling.”

  • The outcome of the Massachusetts litigation and litigation in other states “will set important precedent for how prediction markets are treated going forward,” Troutman Pepper Locke’s state attorneys general team wrote in a note to clients late last month.
  • “At the center is a novel jurisdictional conflict around whether contracts predicting sports outcomes are a form of regulated commodity trading under exclusive federal oversight, or are a form of sports wagering that states can outlaw or regulate.”
  • …
  • The Troutman Pepper client note say that “so far, regulators and courts are divided. Cases in Nevada and New Jersey suggest a willingness to view Kalshi’s markets as federally sanctioned instruments outside state control. A federal court in Maryland, by contrast, saw no meaningful difference between Kalshi’s contracts and a bet via a sportsbook, and upheld the state’s right to regulate or prohibit those contracts under state gambling laws.”
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