Ninth Circuit upholds Nevada action against Kalshi sports contracts
By SectorWire desk ·
Summary
The Ninth Circuit upheld Nevada’s enforcement action against Kalshi in a unanimous 3–0 ruling on Friday. The panel rejected Kalshi’s argument that federal financial regulation protected its sports contracts from state gambling laws. Kalshi said it would seek further review and maintained that CFTC rules do not prohibit sports contracts.
Why it matters
The Ninth Circuit upheld Nevada’s enforcement against Kalshi, rejecting federal financial regulation as protection from state gambling laws.