Appeals court rules that states can regulate Kalshi’s sports prediction markets, dealing another legal blow to platforms

AI Summary

An appeals court has ruled that individual states have authority to regulate sports prediction markets like Kalshi, marking a significant legal setback for such platforms. This is the second such ruling in less than a month reinforcing state regulatory powers over sports-related event contracts.

The decision is the second in less than a month by an appeals court that states have a role in regulating sports-related event contracts.