Kalshi presses Iowa court to block state sports contract enforcement efforts
Kalshi is asking a federal judge in Iowa to block state officials from enforcing gambling laws against sports event contracts… Continue reading Kalshi presses Iowa court to block state sports contract enforcement efforts The post Kalshi presses Iowa court to block state sports contract enforcement efforts appeared first on ReadWrite .
Kalshi, a federally regulated prediction market, is seeking a federal injunction in Iowa to halt state efforts to enforce gambling laws against sports event contracts accessible through its platform. In a recent filing to the U.S. District Court for the Southern District of Iowa, Kalshi contended that Congress had designated the Commodity Futures Trading Commission (CFTC) as the exclusive authority over trading on its designated contract markets.
The company argued that Iowa's attempt to treat these trades as violations of state law infringes upon the CFTC's jurisdiction. A new development has seen Kalshi asking for a preliminary injunction against Iowa's Attorney General, the Racing & Gaming Commission, and several officials. The company insists it seeks to prevent state gambling and criminal statutes from being applied to transactions on its designated contract market, not to limit Iowa's enforcement powers.
Iowa's officials have labeled Kalshi's sports contracts as criminal "bookmaking" and unlawful "gambling," leading to Kalshi's claim that federal oversight supersedes Iowa's gambling laws.
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