By SectorWire desk · · Updated
IAGR and NAGRA have asked the US Supreme Court to hear New Jersey's case against Kalshi. The regulatory associations submitted a joint amicus brief on 2 October in Flaherty v. KalshiEX.
IAGR and NAGRA’s joint brief adds regulatory backing to New Jersey’s request for Supreme Court review.
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The petition challenges a ruling favouring Kalshi over New Jersey’s authority to regulate its sports contracts as gambling.
The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The findings bear on state challenges to Kalshi and Polymarket's position that their contracts fall exclusively under CFTC jurisdiction.
The analysis questions Kalshi’s explanation for concentrated activity in its ether perpetual contracts.
The new contracts allow partial settlement rather than requiring players to reach the full statistical target.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.