Kalshi Ninth Circuit ruling threatens federal prediction market model
The Ninth Circuit has called Kalshi’s contracts what its advertising already did: sports betting. Kalshi’s marketing department wrote the opening… Continue reading Kalshi Ninth Circuit ruling threatens federal prediction market model The post Kalshi Ninth Circuit ruling threatens federal prediction market model appeared first on ReadWrite .
The Ninth Circuit has ruled that Kalshi's sports betting contracts are, in substance, sports bets, rather than financial derivatives. This decision could force the prediction market company to collect state gambling licenses for each of the 50 states in which it operates. The court emphasized that the distinction between bets and swaps is crucial, and Kalshi has failed to meet the necessary criteria to have its sports contracts approved by the Commodity Futures Trading Commission.
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