Ninth Circuit: States can regulate prediction markets as gambling
TL;DR Summary
A Ninth Circuit panel ruled that states may regulate prediction markets like gambling, a major blow to Kalshi and other platforms that have operated under federal licenses. The decision, which ties Kalshi’s sports-event contracts to sports gambling and allows state gaming laws and taxes to apply, could empower states to shut down certain prediction sites and creates a circuit split with the Third Circuit, setting up potential Supreme Court review as related cases progress nationwide.
- States can regulate prediction markets as gambling, federal appeals court rules CNN
- U.S. appeals court rules against prediction markets, sets up likely fight at Supreme Court CNBC
- Kalshi cannot block Nevada oversight of sports prediction markets, US appeals court rules Reuters
- Federal appeals court allows Nevada to ban Kalshi and other prediction markets The Nevada Independent
- Ninth Circuit Tells Kalshi To Stop Pretending Wagers Are Derivatives Better Markets
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