Kalshi Lawsuit Pits States Against Trump Family’s Corruption Machine

Live updates

1. 14d ago

   US Appeals Court Rules States Can Regulate Prediction Markets as Gambling

   A US appeals court has ruled that states can regulate prediction markets, such as those offered by Kalshi, as gambling. The decision is a major blow to Kalshi, which had argued that its sports bets were not gambling but rather "swaps". The ruling allows states like Nevada to oversee prediction markets.

   Why it matters

   The case pits states against the Trump family's alleged interests in Kalshi, a prediction market platform. Prediction markets allow users to bet on the outcome of events, such as sports games or elections. The regulation of these markets has been a contentious issue, with some arguing that they are a form of gambling and others seeing them as a legitimate form of financial trading.

   What is confirmed

   • States can regulate prediction markets as gambling, according to a US appeals court ruling.
   • Kalshi's sports bets are not "swaps" but rather a form of gambling, the court ruled.
   • The ruling allows states like Nevada to oversee prediction markets.

   What to watch next

   • Kalshi's potential appeal of the ruling to a higher court
   • Regulatory actions by states such as Nevada in response to the ruling
   • Impact on the prediction market industry as a whole
   Sources used for this update (6)

   1. CNN — States can regulate prediction markets as gambling, federal appeals court rules
   2. Reuters — Kalshi cannot block Nevada oversight of prediction markets, US appeals court rules
   3. Ars Technica — Court rules Kalshi sports bets aren’t “swaps,” just gambling with a different name
   4. The New York Times — Prediction Markets Should Be Regulated as Gambling, Appeals Court Says
   5. The New Republic — Three Trump-Appointed Judges Deliver Major Blow to Kalshi
   6. Defector — Kalshi Lawsuit Pits States Against Trump Family’s Corruption Machine
   confidence 100%