Kalshi loses again as judges rule prediction markets must obey gambling laws

Another federal appeals court has ruled that states can enforce their gambling laws against the prediction market Kalshi, which asserts that it can only be regulated by the US government. On Friday, a three-judge panel in the US Court of Appeals for the Sixth Circuit ruled unanimously against Kalshi and in favor of Ohio and Tennessee. While the US Commodity Futures Trading Commission has exclusive jurisdiction over "swaps," the judges found that sports wagers offered on Kalshi do not meet the le