US appeals court allows states to regulate prediction markets as gambling
By The Weekly Edge desk ·
Summary
A US federal appeals court unanimously ruled that states can regulate prediction markets as gambling in a case involving Kalshi in Nevada, Focus Gaming News reported, citing CNN. The three-judge panel treated Kalshi’s sports event contracts as sports betting. Kalshi spokesperson Dani Lever said the company disputes the interpretation of CFTC rules and will seek further review.
Why it matters
Prediction market operators face state gambling regulation under the appeals ruling, which Kalshi plans to challenge through further review.