In a recent development, a judge has decided to issue a preliminary injunction against the online market prediction platform Kaishi, preventing its operation in Massachusetts.
Suffolk County Superior Court Judge Christopher Barry-Smith has ruled that Kaishi cannot facilitate financial bets on sporting events for state residents without the necessary license.
This ruling comes after Massachusetts Attorney General Andrea Joy Campbell filed a lawsuit accusing Kaishi of conducting sports wagering without the required license from the Massachusetts Gaming Commission.
Judge Barry-Smith intends to finalize the injunction, mandating Kaishi to comply with the state’s sports wagering laws. A hearing is scheduled for Friday, where he may consider staying the order to allow for an appeal.
According to Barry-Smith,
“There is no doubt that licensing and oversight of sports wagering operations in the state are crucial for public health, safety, and the financial interests of the Commonwealth.”
Campbell highlights that licensed gaming operators in Massachusetts are prohibited from offering sports wagering to individuals under 21 years old. However, Kaishi was allegedly offering betting services to individuals as young as 18 without a proper license.
On the other hand, Kaishi argues that state gaming laws do not apply to its sports event contracts, as they fall under the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC) which governs exchange-traded swaps.
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