By SectorWire desk ·
The report said that Kalshi said the World Cup brought three million new users to its platform. The company also reported tournament-related trading at levels it had not previously recorded.
The company attributes a substantial increase in users and trading to World Cup activity.
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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.
The denial challenges Kalshi’s account of a tribal partnership.