U.S. states can regulate prediction markets as gambling, federal appeals court rules

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

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 3-0 ruling creates a circuit split with a Third Circuit decision and sets up a likely Supreme Court showdown

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

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

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

Kalshi announced partnerships with five big-league teams, signaling a land-grab moment in the prediction market.