Prediction Markets Choosing to Ignore Ohio Orders
Mike Goodpaster Published 20/10/2026
The Ohio Casino Control Commission (OCCC) says that prediction markets are ignoring the cease-and-desist orders recently sent out by the state. On October 2, 10 prediction market sites were issued cease-and-desist orders by the OCCC. The orders called on each prediction market site to stop offering sports-event contracts in the Buckeye State. Each site was given until October 16 to respond to the order and indicate whether they intended to comply.
Ohio's gaming regulator believes that these sports-event contracts are nothing more than illegal sports betting. The prediction market sites counter that they are derivative swaps already regulated by the Commodity Futures Trading Commission (CFTC).
Ohio is ready to take legal action against prediction market sites
If the prediction markets aren't ready to listen and obey, Ohio is ready to hit these sites even harder. Ohio Governor Mike DeWine is vowing legal action against prediction markets if they continue to offer sports-event contracts in the Buckeye State.
“This is pure and simple gambling, and they are trying to get around any regulations," DeWine told Ohio radio station WYSO 91.3. "We have some, some regulations over gambling. Maybe not enough. But we have some. And these people are trying to get around it, and they are laughing at everybody.”
If these sites continue to ignore the cease-and-desist orders issued by the OCCC, the state is ready to take further action. DeWine indicated that such talk is not merely an empty threat. He sought to remind everyone that the wheels of justice turn slowly.
“The law is very clear," DeWine said. "The court decisions have been very clear. The attorney general of Ohio is taking actions he needs to take.
"These are not self-executing. You have to actually go out and file these suits, and that’s what we are going to do.”
Prediction markets don't seem concerned at all
The 10 prediction market sites that received the cease-and-desist orders were Coinbase, Gemini Titan, Moomoo, Novig, Polymarket, ProphetX, Plus500, Robinhood, Underdog, and Webull. Signal Ohio reached out to all 10 sites for comment on the situation. Only a scant few opted to respond.
A spokesperson for Robinhood pointed out that CFTC oversight was already “allowing retail customers to access prediction markets in a safe, compliant, and regulated manner.” Likewise, a spokesperson representing Polymarket was echoing the CFTC talking points, noting that it was legally operating under federal regulation, “not a patchwork of state rules.”
The Ohio Legislature is ready to pounce on prediction markets
There are currently two Democrat-sponsored bills in front of the Ohio legislature set to deal with prediction market site issues.
Firstly, SB 479 would prohibit all election betting. It would also ban election-related bets from prediction market platforms. Then there is SB 430. This bill would certify that sports-event contracts are a form of sports gambling. If passed into law, this bill would require that any prediction market site offering sports-event contracts be regulated by the state and pay taxes on revenue earned from these contracts.
State Senator Bill DeMora, a Democrat from Columbus, is the sponsor of both bills. Regarding SB 479, he believes prediction market platforms offering election betting are destroying the fabric of the entire electoral process.
“That just undermines the public’s trust in elections,” DeMora told NBC41. “If somebody drops a million dollars on some candidate to win, and that candidate wins, they think it could be fixed.”
DeMora also offered specific data on what levels of tax revenue SB 430 could generate.
“The state would make 20% income on the taxes,” DeMora said. “All they’re doing is getting around the state taxing of sports betting and the state licensing of sports betting.”