Ninth Circuit Hands States Victory in Prediction Market Jurisdiction Fight

A federal appeals court has handed state gaming regulators a significant victory in their jurisdictional battle with the Commodity Futures Trading Commission, ruling that Nevada may subject Kalshi’s sports-event contracts to its gambling laws. Circuit Court of Appeals decision deepens a conflict among federal courts over whether sports-related prediction contracts are financial derivatives regulated exclusively by the CFTC or conventional sports wagers subject to state o