Kalshi says it's a prediction market. The 9th Circuit says it's gambling.

Court ruling may allow Arizona to prosecute online gambling site

The 9th Circuit Court of Appeals on Friday rejected arguments by Kalshi that it is exempt from the oversight by the Nevada Gaming Commission because its activities are regulated by federal law.

Kalshi says it's a prediction market. The 9th Circuit says it's gambling.

Prediction markets can no longer offer sports event contracts in Nevada, giving other states a roadmap for regulating the platforms.

Hanaway says prediction markets should pay up in Missouri

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Ninth Circuit ruling threatens Kalshi sports markets

The Ninth Circuit has called Kalshi’s contracts what its advertising already did: sports betting.  Kalshi’s marketing department wrote the opening line of its own legal defeat. “KalshiEX, LLC advertises itself as ‘the first app for legal sports betting in all 50 states’,” Judge Ryan Nelson wrote in the first sentence of the Ninth Circuit’s 50-page opinion. It appears to be a rough way to learn that ad copy can become evidence. Kalshi has spent m…

Trump-Appointed Judges Rule Nevada Can Regulate Kalshi’s Sports Contracts

A federal appeals court has dealt a significant blow to prediction-market operator Kalshi, ruling that Nevada can regulate the company's sports-event contracts under state gambling laws.