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World Lottery Association calls for prediction markets to face betting rules

Regulation

The World Lottery Association says prediction markets should face the same licensing, integrity, social-contribution and consumer-protection requirements as betting. Its position paper reports that annual trading volume rose from $15.8bn in 2024 to $63.5bn in 2025, while more than 90% of current volume reportedly relates to sports and other events. The association argues that financial-market authorisation does not replace a gambling licence.

The proposed classification could bring prediction-market products within gambling licensing and player-protection requirements.

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Regulation

Appeals courts deny Kalshi protection from state enforcement in three states

The Ninth Circuit on 3 November declined to rehear Kalshi’s challenge to Nevada’s treatment of its sports markets. Separately, the Second Circuit denied injunction requests by Kalshi and Coinbase, allowing authorities in New York and Connecticut to continue enforcement while appeals proceed; Kalshi has 90 days to seek Supreme Court review of the Nevada ruling.

The Ninth Circuit declined Kalshi's requests for a panel rehearing and a rehearing en banc concerning its Nevada ruling. Separately, the Second Circuit denied injunctions sought by Kalshi and Coinbase that would have stopped states enforcing gambling laws against their sports event contracts while the appeals continue.

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