Ninth Circuit rules states can regulate prediction markets as gambling
The US Ninth Circuit Court of Appeals ruled on 28 August that states can regulate prediction markets as gambling, in a case originating in Nevada over Kalshi. The unanimous ruling supports Nevada regulators’ effort to close the platform; Kalshi said it would seek further review. The decision contrasts with a Third Circuit ruling favouring prediction-market platforms in a New Jersey case, according to the report.
The ruling strengthens states’ authority to apply gambling laws to prediction-market platforms in the Ninth Circuit.