US appeals court allows states to regulate Kalshi prediction markets
A federal appeals court ruled that Ohio and Tennessee can apply their gambling laws to Kalshi, a prediction markets operator. The judges found Kalshi's sports event contracts do not qualify as 'swaps' under US law and said federal regulation does not override state gambling statutes. The decision marks the second time a federal appeals court has sided with states over Kalshi, whose activities remain under legal scrutiny in several jurisdictions.
- Ohio, Tennessee can enforce gambling laws on Kalshi
- Court found Kalshi contracts aren't regulated swaps
- Federal law does not override state gambling rules
- Decision upholds an earlier Ohio court ruling
- Other states' cases against Kalshi remain unresolved
Sources covering this
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