Ninth Circuit Hands Kalshi Setback in Nevada Betting Fight
A U.S. appeals court has handed Kalshi a major setback in Nevada. The ruling strengthens state authority over sports prediction markets. It also deepens a growing legal conflict with federal regulators.
The Ninth Circuit said Kalshi likely cannot use federal law to avoid Nevada’s gaming rules. Consequently, the decision could shape how prediction markets operate across the United States.
Court challenges CFTC’s position
A three-judge Ninth Circuit panel upheld a Nevada court decision involving Kalshi’s sports contracts. The judges found that Nevada could require Kalshi to obtain a gaming license.
However, Kalshi and the Commodity Futures Trading Commission argue federal law gives the agency exclusive authority. The Ninth Circuit rejected that argument at this stage.
Judge Ryan Nelson said sports contracts closely resemble traditional gambling. Additionally,…
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