The 6th US Circuit Court of Appeals ruled against prediction market Kalshi, siding with Ohio and Tennessee on regulating sports-event contracts under state laws.
Prediction market Kalshi lost on appeal when a court ruled that Ohio and Tennessee can regulate sports-event contracts under their state gambling laws.
The 6th US Circuit Court of Appeals ruled against Kalshi on Friday when a three-judge panel sided unanimously with Ohio and Tennessee, finding that the prediction market failed to demonstrate its sports-event contracts are “swaps” under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The ruling followed a similar finding from the 9th Circuit Court of Appeals last month, which broke from an April decision by the 3rd Circuit Court of Appeals allowing the company to do business in New Jersey as its appeal process proceeds.
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