Sixth Circuit allows Ohio and Tennessee gambling laws to cover event contracts
The US Court of Appeals for the Sixth Circuit ruled that Ohio and Tennessee can apply state gambling laws to event contracts in a case involving Kalshi. Judge Julia Smith Gibbons said Kalshi had not shown that its sports products qualified as swaps under federal law. Kalshi said it expects further legal review to overturn the ruling.
Kalshi’s sports event contracts may face state gambling laws in Ohio and Tennessee because the court rejected its federal swaps argument.