Appeals court lets states regulate Kalshi sports contracts
A US appeals court ruled that Kalshi’s sports event contracts are bets rather than financial swaps, allowing Nevada and other states to apply gambling laws. The decision conflicts with an April ruling from another federal appeals court, increasing the likelihood that the dispute will eventually reach the Supreme Court.
Why it matters
The split ruling threatens the federal-law strategy used by prediction markets to operate across state lines.
Sources
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Part of the August 29, 2026 brief.