By SectorWire desk ·
The Ninth Circuit ruled against Kalshi over sports event contracts in Nevada. The court returned a separate question concerning election contracts to the district court, leaving the federal pre-emption issue unresolved.
The court ruled against Kalshi’s Nevada sports contracts while leaving federal pre-emption unresolved for election contracts.
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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.