Appeals court rules against Kalshi, says prediction markets can be regulated like gambling

US court rules against Kalshi, says states can regulate prediction markets

US appeals courts have varied on regulation of prediction markets, opening the door to US Supreme Court debate.

Sep 25, 2026

Appeals court rules against Kalshi, says prediction markets can be regulated like gambling

The 6th U.S. Circuit Court of Appeals ruled against the prediction market Kalshi Friday, determining states can regulate prediction market platforms like gambling in the latest blow to the industry. In a unanimous ruling, the three-judge panel sided with Ohio and Tennessee, finding Kalshi did not show its sports-event contracts are “swaps” that typically fall…

Sep 25, 2026

Kalshi dealt major blow as appeals court rules states can regulate prediction markets

The 6th US Circuit Court of Appeals said Kalshi has not shown that its sports event contracts are "swaps" that should be regulated by the Commodity Futures Trading Commission.

Sep 25, 2026