The Tennessee Sports Wagering Council urged the CFTC in a letter sent Monday to prevent sports event contracts from being offered in the state. The council said the contracts amount to wagers under Tennessee law and raised concerns about consumer protections; it did not issue a cease-and-desist notice.
The council’s position signals a state-level challenge to prediction-market operators offering sports contracts.
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Cantor Fitzgerald & Co. launched institutional block trading in event contracts on Kalshi, acting as an introducing broker. The service initially operates through Kalshi’s block-trading framework, with Cantor planning to add other venues; Susquehanna Predictions will provide liquidity.
It was reported that Arizona’s Department of Gaming approved Circa to offer sports betting and event wagering in the state. The expansion follows a local tribal partnership.
It was reported that the Tax Law Center published an analysis on 1 October arguing that US sports prediction contracts qualify as wagers for federal taxation. Its interpretation would bring these contracts within gambling provisions covering excise taxes, winnings and loss deductions. The analysis calls for IRS clarification to reduce uncertainty.
An analysis from the Tax Law Center, dated Oct. 1, examines whether contracts tied to sporting events on venues like Kalshi belong within the federal rules that govern gambling. The center's position is that such contracts amount to wagers for federal tax purposes.
Cedar Crossing Casino plans a soft opening on 19 November ahead of a December grand opening in Iowa, according to reports. General Manager Kim Pang said sports betting kiosks are expected for the full opening on 5 December; the Iowa Racing and Gaming Commission approved the casino’s contracts, including its sports wagering licence.
A Michigan court issued a preliminary injunction directing Kalshi to stop offering sports contracts to users in the state. The order requires Kalshi to restrict Michigan users’ access to those contracts.