Federal appeals court panel gives Nevada a win in its fight to regulate prediction market Kalshi

A federal appeals court panel is refusing to let prediction market operator Kalshi restart trading on elections and sporting events in Nevada while it fights the state’s effort to shut it down until it gets a license from state gambling regulators

The outcome contradicted an earlier appeals court decision. Federal regulators said the split rulings called for resolution by the Supreme Court.

Kalshi can't evade Nevada gambling laws by calling bets "swaps," judges rule.

The 9th Circuit Court of Appeals ruled states on Friday can regulate prediction market platforms like gambling and sportsbooks, dealing a heavy blow to the industry. In a unanimous ruling, a three-judge panel agreed with a lower court decision allowing Nevada gaming regulators to oversee the prediction market Kalshi, w

Kalshi cannot block Nevada oversight of prediction markets, US appeals court rules  Reuters

A federal appeals court ruled Friday that states can regulate prediction markets like gambling, dealing a major blow to the booming industry.

The Ninth Circuit Court of Appeals ruled that sports-related event contracts are not swaps, contradicting a Third Circuit ruling from April.

States can regulate prediction markets as gambling, federal appeals court rules | CNN Business  CNN

Nurmagomedov vs. Song Kalshi Market Gives Nurmagomedov Massive Advantage  Sports Illustrated