Kalshi’s Second Appellate Loss Deepens Prediction Market Split

The Sixth US Circuit Court of Appeals ruled on Friday 25 September that Ohio and Tennessee can regulate Kalshi ‘s event contracts under their own gambling laws, rejecting the company’s bid to have the products treated exclusively as federally regulated swaps. The unanimous three-judge panel, based in Cincinnati, handed the prediction-market operator its second appellate loss in as many months. Kalshi had argued that its event contracts, including sports-related offerings, are swaps under federal