Kalshi self-certified contracts covering point spreads, totals and touchdown props for NFL and NCAA games with the CFTC, ahead of the upcoming football season. The markets had not yet appeared on the platform, while state regulators had issued cease-and-desist letters over its sports markets, according to the report.
Kalshi’s proposed football contract types could sharpen disputes over state gambling licensing requirements.
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US District Judge Robert J. Shelby set a 20 November hearing on the CFTC’s request to block Utah’s enforcement actions against prediction-market operators, the filing schedule reportedly shows. Utah must file its motion to dismiss by 10 November and respond to the emergency-relief request by 11 November, with remaining briefs due from 16 to 19 November.
A federal judge has set a 20 November hearing on the regulator’s bid to halt state enforcement against prediction markets. At a 6 November status conference, Shelby also accelerated briefing on the CFTC’s motion for a temporary restraining order and preliminary injunction.
US senators Elizabeth Warren and John Curtis asked Kalshi and Polymarket for details of safeguards against insider trading and manipulation on election-related prediction markets. Their bipartisan letter also sought information about previous enforcement actions and suspected violations of Commodity Futures Trading Commission rules. The senators cited concerns about candidate trading and alleged manipulation, including cases involving Kalshi and Polymarket.
The Commodity Futures Trading Commission and Justice Department asked a federal judge to block Utah from pursuing criminal and civil cases against Kalshi. Their motion seeks a temporary restraining order and preliminary injunction against enforcement of state gambling laws on prediction-market event contracts, following Utah’s filing of 14 criminal charges against Kalshi and its co-founders.
Kalshi chief executive Tarek Mansour said he remained confident in the company’s legal position as conflicting federal appeals rulings and New Jersey’s Supreme Court petition raise the prospect of review in the USA. He said sports contracts, which made up roughly 95% of Kalshi’s revenue nine months earlier, now account for about 65%.
Kalshi chief executive Tarek Mansour said he remains confident in the company's legal position as conflicting federal appeals rulings and New Jersey's Supreme Court petition raise the prospect of review in the USA. Speaking on a Reuters podcast, Mansour said the process would play out as it would.
A Reuters/Ipsos poll found that most US adults oppose betting on election outcomes and government decisions, amid debate over prediction-market regulation. The survey found 69% of Democrats and 61% of Republicans opposed election betting; 65% opposed bets on military operations and 63% opposed bets on public-policy decisions.
Most US adults oppose using prediction markets to bet on election results and government decisions, according to a Reuters/Ipsos poll released on 12 October. The survey was conducted between 30 September and 5 October and polled 4,506 US adults. It found 69% of Democrats and 61% of Republicans opposed to betting on election outcomes.