Ninth Circuit allows Nevada to regulate sports event contracts as gambling
By The Weekly Edge desk ·
Summary
The Ninth Circuit Court of Appeals ruled that sports event contracts at issue in Nevada fall under gambling rules rather than federal swaps law, Online Poker Report reported. The court rejected injunction requests from Kalshi, Crypto.com and Robinhood. DraftKings shares gained up to 10%, while Flutter shares rose up to 8%.
Why it matters
The ruling subjects disputed Nevada sports event contracts to gambling rules, while DraftKings and Flutter shares gained.