9th Circuit Says Nevada Can Regulate Kalshi Contracts as Gambling, Creating Circuit Split

The appeals court, in a break from a sister circuit, held that sports event contracts are bets—and not “swaps, which fall under the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission under the federal Commodity Exchange Act.

       

The appeals court, in a break from a sister circuit, held that sports event contracts are bets—and not “swaps, which fall under the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission under the federal Commodity Exchange Act.