SectorWire
SearchGet the daily briefing
Menu

Ninth Circuit weighs Nevada enforcement against sports prediction contracts

Regulation

A three-judge Ninth Circuit panel heard arguments over whether Nevada can enforce its gambling laws against sports-event contracts offered by Kalshi, Robinhood and Crypto.com. The case concerns the platforms’ request for a preliminary injunction; Nevada argues the contracts require state licences, while the platforms say federal law pre-empts state gambling rules.

The ruling could determine whether Nevada can enforce state gambling laws against these 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