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Kalshi sues NYSGC over New York event-contract enforcement

Regulation

KalshiEX LLC filed a federal lawsuit against the New York State Gaming Commission on 27 October, seeking to stop enforcement of state gambling laws against its event contracts. The company argues that federal law gives the Commodity Futures Trading Commission exclusive jurisdiction; the NYSGC had warned that the activity required a state sports gaming licence and threatened penalties.

The case pits Kalshi’s claim of exclusive federal jurisdiction against New York’s licensing requirements and threatened penalties.

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Regulation

CFTC warns prediction markets against sportsbook-style event contract odds

The Commodity Futures Trading Commission warned regulated entities that sportsbook-style American odds for event contracts may mislead users and could breach federal anti-manipulation rules. Its market oversight and market participants divisions said pricing should clearly reflect market-generated values, such as cents or implied probabilities, and that affiliates and intermediaries share the requirement. Exchanges, futures commission merchants and introducing brokers must acknowledge the letter by 31 August.

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