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Kalshi
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- 1Appeals court says Kalshi prediction markets can be regulated like gambling▼Appeals court rules against Kalshi, says prediction markets can be regulated like gambling
A US appeals court has ruled against Kalshi, holding that prediction markets can be regulated like gambling. The decision is a setback for Kalshi and the broader prediction-market industry, which has argued its event contracts are financial instruments overseen by the Commodity Futures Trading Commission rather than betting products subject to state gambling laws. The ruling could reshape how event trading platforms operate across the United States.
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Prediction market operator Kalshi has lost a ruling at the appeals court level concerning whether state regulators can oversee its prediction markets. The decision means states may retain authority to regulate or restrict certain event contracts, a setback for Kalshi's argument that federal law preempts state oversight of its business. The ruling is likely to shape ongoing disputes between prediction market platforms and state gaming and securities regulators.