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 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
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
The Nevada Council on Problem Gambling will formally end its affiliation with the national council this month. Kalshi accepts traders at 18, while NCPG’s own standards strongly recommend a minimum gambling age of 21. NCPG took a $2 million, two-year investment from Kalshi in May as its first financial services member. The Michigan Gaming Control … Read more
A federal judge denied Kalshi’s bid to block Connecticut from enforcing its gambling laws against sports contracts. The court held the contracts are not swaps, leaving them outside the CFTC’s exclusive jurisdiction. The order says Congress never displaced the states’ historic police power over sports betting through Dodd-Frank. Coinbase lost a matching motion before the … 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
BetMGM pushed its $500 million adjusted EBITDA target beyond 2027, citing prediction market regulatory complexity. Online sports net revenue was flat at $228 million while iGaming revenue rose 8% to $483 million. Second-quarter adjusted EBITDA fell 15% to $74 million even as net revenue rose 3% to $711 million. Average monthly active players fell 3% … Read more