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New Mexico attorney general sues Kalshi over sports event contracts

Regulation

New Mexico Attorney General Raúl Torrez filed a state court lawsuit against Kalshi, alleging that its sports event contracts amount to unlicensed sports betting under state law. Torrez also alleges that the platform offers gambling to residents aged 18 to 20; the complaint says it had offered sports betting in the state since January 2025. Kalshi’s response to the lawsuit is not given.

The case challenges whether Kalshi can offer sports event contracts in New Mexico without a state gaming licence.

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CFTC proposes swap classification for sports and political event contracts

The CFTC proposed rule changes on 9 October to classify sports, political, cultural and weather event contracts as swaps under US federal law. The proposal would explicitly include these contracts in the agency’s rules.

The Commodity Futures Trading Commission (CFTC) has proposed amending its rules so that event contracts based on sports, politics, culture and weather are explicitly included in the definition of a swap under federal law. The proposal was announced on 9 October, according to the regulator, and a public consultation has been opened before the agency decides whether to adopt the change.

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