New Jersey asks Supreme Court to settle Kalshi sports betting fight

New Jersey is taking its fight with Kalshi to the US Supreme Court, asking the justices to decide whether federally regulated prediction markets must also follow state sports betting rules. The state has petitioned for review after a divided Third Circuit prevented New Jersey from enforcing its wagering laws against KalshiEX LLC. At issue is whether Dodd-Frank blocks states from regulating sports contracts offered through Commodity Futures Trading Commission-regulated markets.