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September 25, 2026
US Appeals Court Rules States Can Regulate Prediction Markets
- The 6th US Circuit Court of Appeals ruled against Kalshi's claim that its contracts are federal swaps.
- States like Ohio and Tennessee can enforce their gambling regulations on prediction markets.
- Kalshi must now comply with state-level gambling laws, affecting its business model.
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2 Sources
- US appeals court rules against Kalshi, says states can regulate prediction marketsSep 25, 2026 at 7:58 PM · Reuters
- Appeals court rules against Kalshi, says prediction markets can be regulated like gamblingSep 25, 2026 at 9:31 PM · The Hill