By SectorWire desk ·
The Tenth Circuit Court of Appeals rejected Kalshi's request on Tuesday to stop Utah enforcing gambling laws during its appeal. Kalshi is appealing a District Court defeat.
Kalshi remains subject to Utah gambling law enforcement while appealing its District Court defeat.
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The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The findings bear on state challenges to Kalshi and Polymarket's position that their contracts fall exclusively under CFTC jurisdiction.
The analysis questions Kalshi’s explanation for concentrated activity in its ether perpetual contracts.
The new contracts allow partial settlement rather than requiring players to reach the full statistical target.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.
The denial challenges Kalshi’s account of a tribal partnership.