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Administrative/Regulatory

Aug. 31, 2026

9th Circuit says Kalshi sports contracts are gambling, clearing way for state regulation

The court ruled that Kalshi's sports event contracts are not swaps protected from state regulation under federal commodities law, splitting with the 3rd Circuit on a major question for prediction markets.

9th Circuit says Kalshi sports contracts are gambling, clearing way for state regulation
The Kalshi app on a phone (New York Times News Service)

The 9th U.S. Circuit Court of Appeals ruled Friday that Nevada can regulate Kalshi's sports event contracts as gambling, rejecting the prediction market's argument that federal commodities law gives the Commodity Futures Trading Commission exclusive authority over the increasingly popular wagers.

A three-judge panel affirmed a Nevada federal judge's decision dissolving an injunction that had prevented state gaming regulators from taking action against KalshiEX LLC. The...

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