The Aporia · Kalshi dealt major blow as appeals court rules states can regulate prediction markets

Kalshi dealt major blow as appeals court rules states can regulate prediction markets

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Reuters. (2026, September 25). Kalshi dealt major blow as appeals court rules states can regulate prediction markets. New York Post. https://nypost.com/2026/09/25/business/kalshi-dealt-major-blow-as-appeals-court-rules-states-can-regulate-prediction-markets/

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A US appeals court ruled on Friday that states can regulate prediction market operator Kalshi under their gambling laws, dealing a significant setback to the company. The 6th US Circuit Court of Appeals determined that Kalshi's sports event contracts do not qualify as swaps regulated by federal law and affirmed that Ohio’s and Tennessee’s gambling regulations are valid. This decision allows states to impose restrictions on prediction markets like Kalshi’s operations.

Written by AI on 2026-09-25, from this article's own text only (the story summary below draws on all the coverage).

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Story summary

On September 25, 2026, the 6th US Circuit Court of Appeals ruled against prediction markets operator Kalshi, stating that states can regulate its sports event contracts under their own gambling laws. The court rejected Kalshi's argument that these contracts should be classified as "swaps" and thus regulated exclusively by the federal Commodity Futures Trading Commission (CFTC). This decision has added to a growing debate about the regulatory oversight of prediction markets, with other appeals courts also considering similar issues. For instance, in Nevada, the 9th Circuit Court ruled that Kalshi’s event contracts fall under state gambling laws, highlighting a split among federal circuits on this matter, which could eventually lead to a hearing before the US Supreme Court.

Written for “Kalshi Court Ruling States Regulate P…” on 2026-11-04, grounded in this article and the 1 other(s) covering the same event.

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Kalshi dealt major blow as appeals court rules states can regulate prediction markets By asserted

states → deal → markets

A US appeals court on Friday ruled against the prediction markets operator Kalshi, saying states can regulate its so-called event contracts under their gambling laws. asserted

states → rule → laws

The 6th US Circuit Court of Appeals said Kalshi has not shown that its sports event contracts are “swaps” that should be regulated exclusively by the federal Commodity Futures Trading Commission. asserted

that → say → Commission

It also said federal law did not preempt Ohio’s or Tennessee’s gambling laws. asserted

law → say → laws

This is a developing story. asserted

This → develop → ?

Kalshi dealt major blow as appeals court rules states can regulate prediction markets

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