By SectorWire desk ·
The Ninth Circuit Court of Appeals backed Nevada in its dispute with Kalshi. The ruling allows Nevada to enforce its gaming laws against Kalshi.
The ruling permits Nevada to apply its gaming laws to Kalshi’s operations in the state.
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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.