SectorWire
SearchGet the daily briefing
Menu

Ninth Circuit hears Nevada cases over prediction-market sports contracts

Regulation

A three-judge panel of the US Court of Appeals for the Ninth Circuit heard arguments on 16 April in four cases involving Nevada and sports event contracts offered through designated contract markets. The cases include Kalshi, Robinhood Derivatives and North American Derivatives Exchange; an earlier Third Circuit ruling upheld a preliminary injunction blocking New Jersey from prohibiting Kalshi’s contracts.

The appellate rulings could clarify whether federal derivatives law pre-empts state restrictions on sports event contracts.

Request a correction

Keep reading

Regulation

Ninth Circuit denies Kalshi rehearing petition in Nevada prediction-markets case

The US Court of Appeals for the Ninth Circuit denied Kalshi’s requests for panel rehearing and rehearing en banc in its Nevada case, leaving the ruling dissolving the preliminary injunction against Nevada gaming regulators in place. Kalshi has 90 days to petition the US Supreme Court; the sports-event contract ban remains in effect in Nevada, and the company says the ruling exposes it to civil and criminal liability.

On Wednesday, the Ninth Circuit turned down Kalshi's request to have the case reconsidered by the panel or by the full court. No judge asked for a full-court vote. The panel was unanimous in declining to rehear the matter, per the decision.

Continue reading