U.S. appeals court rules against predict

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Ninth Circuit gives bad beat to online sports-betting exchanges

Court rules Kalshi sports bets aren't "swaps," just gambling with a different name

Appeals court rules states can regulate prediction market platforms like gambling

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The 9th U.S. Circuit Court of Appeals rejected Kalshi and Crypto.com’s bids for injunctions against the Nevada Gaming Control Board, allowing Nevada to enforce its gambling laws against sports-related prediction contracts while the cases continue. The panel held that Kalshi had not shown the Commodity Exchange Act clearly preempts state gambling regulation or that its sports contracts must be treated as federally regulated swaps. The ruling lets Nevada require prediction-market operators to obtain state gambling licenses before offering sports event contracts there.

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