U.S. Court Rules Kalshi Cannot Block Nevada from Regulating Sports Prediction Markets

The U.S. Ninth Circuit Court of Appeals ruled that Kalshi cannot use an injunction to prevent Nevada from regulating its sports event prediction market. Judge Ryan Nelson stated that Kalshi's contracts exhibit typical characteristics of sports betting, which is a standard form of gambling and falls outside the jurisdiction of the CFTC. The judge noted that the CFTC is not a national gambling regulatory body, and this assertion was made more than a decade after the legislation was passed.

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