Regulation1 min read
The CFTC and the US government asked a federal judge in Utah to block the state from continuing its criminal and civil actions against Kalshi. The day before that request, prosecutors had filed charges against the operator of the prediction market and its two co-founders.
The day’s most important stories, free. One email a day.
The New York State Gaming Commission has asked a Manhattan court to require Kalshi to provide records concerning its sports-event contracts and users, according to a report. The requested records are the subject of the commission’s subpoenas.
The NFL has asked the US Supreme Court to treat prediction-market apps as gambling. The league filed an amicus brief in litigation involving Kalshi, citing concerns about sporting integrity, unclear rules and limited oversight of sports wagering.
The NFL wants the US Supreme Court to treat prediction markets as gambling apps, according to an amicus brief it filed in the Kalshi v. New Jersey case. In that litigation, New Jersey has turned to the justices to settle the matter because appeals courts have issued conflicting rulings. Prediction markets are presently overseen by the Commodity Futures Trading Commission, which treats them as securities trading platforms.
The NFL has submitted an amicus brief supporting New Jersey’s bid to bring sports prediction market oversight before the US Supreme Court. The league wants clarification on the division of authority between the CFTC and state gambling regulators. Kalshi supports nationwide federal rules, while the court is not expected to announce whether it will take the case before December.
New Jersey officials want the US Supreme Court to take up a case about which authority oversees contracts tied to sports prediction markets, and the NFL has now backed that request in an amicus brief. According to the filing, the league told the justices that appellate courts have reached conflicting conclusions on the question, which turns on whether the Commodity Futures Trading Commission holds primary responsibility or whether state gambling regulators do. Whether the court grants review will not be known before December, the filing indicates.
New Jersey officials petitioned the US Supreme Court on Wednesday over oversight of sports prediction markets. The petition asks the court to determine whether state gambling authorities or federal agencies have jurisdiction.
New Jersey has petitioned the US Supreme Court over states’ authority to regulate sports wagers on prediction markets. The request concerns platforms registered with the CFTC.