SectorWire
SearchGet the daily briefing
Menu

Third Circuit rules for Kalshi in New Jersey sports-contracts dispute

Regulation

The US Court of Appeals for the Third Circuit ruled 2-1 that federal law places Kalshi’s sports markets under the Commodity Futures Trading Commission rather than New Jersey gambling regulators. The decision upholds an earlier ruling, but one judge dissented, arguing the contracts resemble sportsbook wagers. New Jersey authorities are considering their next steps, according to the report.

The appellate ruling could shape state enforcement of Kalshi’s sports contracts and related litigation elsewhere.

Request a correction

Keep reading

Regulation

Ninth Circuit hears tribes’ bid to block Kalshi sports contracts on reservations

Three California tribes asked the Ninth Circuit on 10 June to revive their bid to stop Kalshi offering sports-event contracts on their lands while their lawsuit proceeds. Kalshi argues its exchange falls under federal commodities law, while the tribes say the contracts amount to unauthorised sports betting under the Indian Gaming Regulatory Act; the appeal challenges a lower court’s denial of an injunction.

Continue reading