Connecticut continues crack down on prediction markets by raising age limit

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Connecticut lawmakers are turning their attention to the rapidly expanding world of prediction market platforms with a proposal that would impose stricter age limits and advertising rules.

House Bill 5038, currently under review by the state’s General Law Committee, seeks to raise the minimum age of prediction markets from 18 to 21, aligning these markets more closely with Connecticut’s existing gambling standards.

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According to News 8, supporters of the bill in Connecticut argue that younger adults in particular can be easily drawn into frequent trading on event outcomes, which can resemble gambling even when operators frame it as a contract rather than a wager.

Speaking about the potential dangers of these platforms, co-chair of the General Law Committee, Rep. Roland Lemar said, “The fact that you can go in and place money on what the content of someone’s speech is or the actions they may take as a government official or the result of a free throw in the college basketball game is deeply problematic.”

The proposal has drawn strong reactions from Connecticut’s tribes. Tribal officials argue that regulating or legitimizing prediction markets could contradict their exclusive gaming rights in the state.

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As prediction market platforms like Kalshi and Polymarket are exploding in popularity, they have not been without controversy.

Many state gambling regulatory bodies have made attempts to block the platforms operating in their states, as they see the sports contracts offered on these platforms as too close to illegal gambling.

Connecticut even issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com in December, although a US district judge later ruled that Connecticut could not enforce the orders.