Appeals Court Lets States Treat Prediction-Market Sports Contracts as Gambling
The ruling gives states broader power to treat prediction markets as gambling as casinos and 44 attorneys general press for tighter limits.
- On Friday, The Ninth Circuit Court ruled that sports bets accepted by Kalshi are likely not swaps under the Commodity Exchange Act, allowing Nevada to regulate the platform.
- In recent months, The GCB has attempted to enforce injunctions prohibiting Kalshi from accepting bets, joined by the Nevada Resort Association representing the state's casinos.
- Judge Ryan Nelson wrote that the Commodity Exchange Act's definition of a swap does not cover these contracts, noting that broad interpretations would raise concerns under The Major Questions Doctrine.
- Nevada Gaming Control Board Chairman Mike Dreitzer said the decision "completely vindicates what we have been saying all along," while Gov. Joe Lombardo commended The GCB's diligent work upholding regulatory standards.
- This ruling contrasts with an April decision from the Third Circuit Court, which found that New Jersey could not prohibit similar prediction markets from operating within its borders.
19 Articles
19 Articles
Kalshi Lawsuit Pits States Against Trump Family's Corruption Machine
On Friday, the U.S. Ninth Circuit Court of Appeals issued a 3-0 ruling against Kalshi, a ruling that in theory gives states the power to regulate the "prediction market" platform. However strong that sounds, one can't fairly characterize the decision as authoritative. While the San Francisco–based court's unanimous ruling represents the most significant curtailment of the don't-call-it-gambling gambling platform, the fight between the Kalshian c…
Federal Court Rules Padres Partner Offers Illegal Gambling
This post first appeared in the Politics Report. Kalshi this week announced it had entered into a brand partnership with the Padres and three other of the “most beloved teams in […] The post Federal Court Rules Padres Partner Offers Illegal Gambling appeared first on Voice of San Diego.
In a landmark decision, a federal appeals court ruled that Nevada can apply its gambling laws against Calci's sports prediction markets, raising questions about the future of the industry. What just happened? A federal appeals court ruled on Friday that Nevada can apply its gambling laws against Calci's sports prediction markets, which… The article Federal Appeals Court Rules Against Calci's Sports Prediction Markets appeared first on Battery R…
Ninth Circuit win for Nevada over Kalshi sets up potential Supreme Court showdown • Washington State Standard
The Ninth Circuit Court of Appeals delivered a win for Nevada’s regulated sports betting industry Friday when a three-judge panel ruled that sports bets accepted by Kalshi are likely not swaps as determined by the Commodity Exchange Act. The court rejected the arguments of prediction markets Kalshi, Crypto.com, and Robinhood, which asserted that federal law […]
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