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
Filed Oct. 8 in Broward County, the complaint targets Pick6 and DraftKings’ prediction-powered sports bets and names CEO Jason Robins. All five counts arise under state statutes and common law, and the filing never raises federal preemption. DraftKings answers that federal commodities law governs its event contracts, and its sportsbook is not offered in Florida. … Read more
G2E’s main stage gains a late-added session, “A United Front: Confronting Prediction Markets Together,” at 1 p.m. Sept. 29. AGA President Bill Miller will moderate a panel including a labor union president, a tribal chairman and a Nevada congressman. Federal appeals courts split this year, with the 3rd Circuit backing Kalshi in New Jersey and … 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 Jersey filed its Kalshi Supreme Court petition Sept. 2, one day ahead of a twice-extended deadline. The Supreme Court docketed the case Sept. 8 as No. 26-299, with Kalshi’s response due Oct. 8. New Jersey warns that Kalshi’s legal theory would put state-licensed sportsbooks in violation of federal swaps law too. New Jersey counts … Read more
New Jersey has until Sept. 3 to ask the Supreme Court to review the Third Circuit ruling protecting Kalshi’s sports contracts. Justice Samuel Alito twice extended New Jersey’s time to file, moving the deadline from July 5 to Sept. 3. The Ninth Circuit’s Aug. 28 ruling for Nevada split the appeals courts on whether states … Read more
A Ninth Circuit panel ruled 3-0 that Nevada can enforce its gambling laws against Kalshi’s sports event contracts. Sports contracts made up more than 90% of Kalshi’s trades and 95% of its revenue in 2025, the court noted. The ruling conflicts with a Third Circuit decision favoring Kalshi, splitting the federal appeals courts on the … Read more
Connecticut’s complaint accuses Kalshi of letting minors open accounts and paying underage promoters on TikTok and X. The suit cites Kalshi’s own federal court filing that put sports contracts at 80% to 90% of its offerings in February. A Connecticut federal judge rejected Kalshi’s derivatives defense on Aug. 7, a ruling the new state complaint … Read more
Kalshi announced multiyear partnerships Tuesday with the Red Sox, Braves, Dodgers, Padres and Giants. Four of the five teams play in California or Georgia, where no state-licensed sportsbook can legally operate. Massachusetts won a January injunction against Kalshi’s sports contracts, now on hold while the state’s highest court hears the appeal. Kalshi said baseball trading … 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