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California tribal gaming group estimates prediction markets cut revenue by 5%

Regulation

California tribal gaming leaders said prediction markets have diverted revenue from tribal operations, with preliminary studies by the California Nations Indian Gaming Association estimating a nationwide impact of about 5%. Association chairman James Siva said tribes are challenging sports event contracts in court and working with California Attorney General Rob Bonta against the exchanges.

The estimated revenue shift and legal challenges could affect tribal gaming operations and the regulation of sports event contracts in California.

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Kalshi seeks rehearing after appeals court backs tribal injunction in California

Kalshi sought a rehearing after a federal appeals court in San Francisco backed a preliminary injunction for two federally recognised tribes. The court found the tribes would likely establish that Kalshi's contracts breached the law.

Kalshi has filed for an en banc rehearing of a federal appeals court ruling that upheld a preliminary injunction for two federally recognised tribes in California, according to a report attributed to a gaming attorney. The US Circuit Court of Appeals in San Francisco ruled earlier in September that the Blue Lake Rancheria and Chicken Ranch Rancheria were entitled to the injunction because they would likely show that Kalshi's contracts breached the Indian Gaming Regulatory Act (IGRA) and the tribes' own gaming regulations.

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