Appeals Court Rules States Can Regulate Kalshi's Sports Prediction Markets
The ruling is the second in less than a month finding that states have a role in regulating sports-related event contracts, according to CNBC.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
A federal appeals court has ruled that states can regulate Kalshi's sports prediction markets, dealing another legal setback to the platform, according to CNBC. The decision is the second in less than a month by an appeals court to find that states have a role in overseeing sports-related event contracts.
CNBC's report did not name the specific appeals court or the state or states whose regulatory authority was at issue in this ruling.
Ongoing legal fight over prediction markets
The report did not detail the court's legal reasoning or specify what regulatory actions states might now pursue against Kalshi's sports contracts as a result of the decision.
It also did not include comment from Kalshi or from state regulators on the ruling, nor did it indicate whether Kalshi plans to appeal further.
Prediction market platforms offering contracts tied to sports outcomes have faced a series of legal challenges from state gaming regulators, who argue such products function as sports betting subject to state oversight, a position platforms including Kalshi have contested in federal court.
Further details on the earlier ruling referenced by CNBC and the cumulative legal picture for Kalshi were not included in the available report.
Sources
- Appeals court rules that states can regulate Kalshi’s sports prediction markets, dealing another legal blow to platforms — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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