A bet accepted under a state or tribal gambling license is not a swap, the interim final rule says, whether at a sportsbook or a casino. A separate proposal would name event contracts, from sports to elections and weather, as swaps in the same definition. The proposal puts average monthly event-contract volume in August at … Read more
The Tunica-Biloxi Tribe of Louisiana became what Kalshi calls the first tribal nation in prediction markets through a partnership announced Sept. 18. SaltTrade Derivatives will run on conditional no-action relief from CFTC staff rather than the compact covering the tribe’s own casino. The California Nations Indian Gaming Association rejected a similar CFTC pathway for tribes … Read more
New Drafts entries stop in Massachusetts, Maryland, Michigan, Mississippi, New Jersey, Pennsylvania and Ohio once Wednesday’s NFL opener begins. The seven states told Underdog it could not run prediction markets and hold fantasy licenses at the same time. Drafts already entered in those states will continue and pay out normally, but no new entries will … Read more
The proposed rule defines gaming to capture professional sports, keeping sports contracts inside the term rather than outside it. A state gambling ban would not count as unlawful activity, because the contract settles on the game itself. Final scores, point differentials, win-loss results and season-long statistics weigh against a public interest ban on sports contracts. … Read more
FlightAware dismissed the case without prejudice under Rule 41(a)(1)(A)(i), which leaves it free to refile the same claims. Judge Arun Subramanian had set a temporary restraining order hearing for Aug. 13 before the dismissal ended the case. The six-count complaint pleaded Lanham Act trademark infringement, breach of contract and New York unfair competition. Kalshi’s market … Read more
The CFTC ordered KalshiEX LLC to keep operating under the Commodity Exchange Act’s Core Principles and its normal practices. KalshiEX notified the commission of a market emergency on Aug. 1, and that notification triggered the federal order. New York’s July 31 complaint seeks to bar all Kalshi event contracts nationwide and more than $36 billion … Read more
A federal judge denied the CFTC’s emergency bid to halt New York’s gambling case against prediction market Kalshi. The order reached the docket Aug. 3 and found the agency showed neither likely success on the merits nor irreparable harm. New York seeks $100,000 for each unauthorized sports wagering offer plus a penalty of three times … Read more
The state’s attorney general wants Kalshi barred until it holds a gambling license and stripped of what it earned from New Yorkers. Within hours, federal regulators went to court to stop her. NEW YORK – The price New York has put on evicting Kalshi is eye-catching: no less than $36 billion. On Friday, Letitia James, … Read more
Judge William Griesbach denied the CFTC’s request for a preliminary injunction against Wisconsin in a 28-page decision filed July 29. The court said the agency is unlikely to prove sports event contracts are swaps or that federal law preempts Wisconsin’s gambling statute. Two days earlier the same federal plaintiffs won an injunction against Minnesota, splitting … Read more
Federal regulators are examining whether the president’s teleprompter operator used advance knowledge of speech drafts to win on a Kalshi market, the clearest example yet of the insider problem that has trailed prediction markets all year. It is the scenario prediction-market skeptics have warned about for a year, and it just landed inside the White … Read more