The New Jersey Division of Gaming Enforcement has taken decisive action against Kalshi and Robinhood (NASDAQ: HOOD), issuing cease-and-desist orders due to allegations of unauthorized sports wagering within the state.
This move requires both platforms to cancel all bets placed by residents of New Jersey and to confirm that they have ceased offering these services by a specified deadline. The development is part of a broader conversation about the regulation of sports betting in the United States, where increasing activity on platforms such as Kalshi and Robinhood has prompted discussions about potential federal oversight.
Meanwhile, other North American regions, including Alberta and Massachusetts, are also considering changes to their gambling regulations, signaling a shift in how sports betting is managed across the continent.
New Jersey Cracks Down on Robinhood, Kalshi
In New Jersey, the crackdown on Kalshi and Robinhood marks a significant step in enforcing state gambling laws. The Department of Gaming Enforcement’s actions highlight the challenges that arise when online platforms engage in sports betting without proper authorization.
This situation underscores ongoing discussions at the federal level about the need for a unified approach to regulating sports betting across state lines. In parallel, Alberta is poised to introduce legislation that would allow private companies to enter the online gambling market, aiming to create a more competitive and regulated environment.
Similarly, Massachusetts lawmakers are proposing new restrictions on sports betting, focusing on limiting online activities and controlling advertisements during televised events to address public health concerns.
HOOD Stock Brief
Amid these regulatory challenges, Robinhood’s stock has experienced notable fluctuations. As of March 28, 2025, the stock opened at $42.68 and was trading at $40.67 by 10:36 EDT. The day’s trading range has seen a low of $40.57 and a high of $43.07. Over the past year, Robinhood’s stock has varied significantly, with a 52-week low of $13.98 and a high of $66.91.
Key financial metrics include a market cap of $36.01 billion, a trailing P/E ratio of 26.07, and a forward P/E ratio of 55.71. Analysts have issued a “Buy” recommendation for the stock, with price targets ranging from $34.00 to $105.00, and a mean target of $66.277.
The historical data for March 2025 reflects the stock’s volatility, with significant daily swings. For instance, on March 24, the stock opened at $46.40 and closed at $48.36, while on March 28, it opened at $42.68 and was trading lower at $40.67.
The company’s financial health, as indicated by metrics such as a quick ratio of 1.177 and a debt-to-equity ratio of 96.902, suggests that while there are challenges, Robinhood remains a significant player in the financial sector.
—
Originally Posted March 28, 2025 – HOOD Dips as New Jersey Issues Cease and Desist Orders to Kalshi and Robinhood
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
Disclosure: The Tokenist
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult a licensed financial advisor prior to making financial decisions.
Disclosure: Interactive Brokers Third Party
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from The Tokenist and is being posted with its permission. The views expressed in this material are solely those of the author and/or The Tokenist and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Join The Conversation
For specific platform feedback and suggestions, please submit it directly to our team using these instructions.
If you have an account-specific question or concern, please reach out to Client Services.
We encourage you to look through our FAQs before posting. Your question may already be covered!