Ninth Circuit backs Nevada's authority over Kalshi sports event contracts
By SectorWire desk ·
Summary
The Ninth US Circuit Court of Appeals unanimously backed Nevada's action against Kalshi's sports event contracts on Friday. The court found Kalshi had not demonstrated likely federal pre-emption of state gambling rules. Kalshi argued that its designated contract market status placed the contracts exclusively under CFTC oversight.
Why it matters
The ruling backs Nevada’s action against Kalshi’s sports contracts after Kalshi failed to demonstrate likely federal pre-emption.