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Ninth Circuit upholds Nevada ban on Kalshi sports event contracts

Regulation

The US Court of Appeals for the Ninth Circuit unanimously rejected Kalshi’s broad interpretation of the Commodity Exchange Act and found that a district judge did not abuse his discretion in allowing Nevada to prohibit its unlicensed sports event contracts. Nevada Gaming Control Board chairman Mike Dreitzer said the ruling supported applying state gaming laws to products that function as sports wagers.

The ruling supports Nevada’s authority to prohibit unlicensed sports event contracts under state gaming laws.

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Regulation

Nevada lawmakers introduce federal bill to ban sports event contracts

US Representatives Steven Horsford and Mark Amodei introduced the Prediction Markets Are Gambling Act, a bipartisan federal bill to bar federally regulated exchanges from offering sports and casino-style event contracts. According to the Las Vegas Sun, the measure targets platforms such as Kalshi and Polymarket and states that federal law does not pre-empt state or tribal gaming authority. Horsford said the platforms have cost states more than $1bn in lost gaming tax revenue.

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