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Prediction market firm Kalshi is taking its time for the Supreme Court to rule in its dispute with state governments. The company aligns with skeptics such as the NFL, who argue that justices should eventually decide whether states and tribes can regulate sports event contracts as sports bets. However, Kalshi also believes that pending rehearing petitions and upcoming Commodity Futures Trading Commission rules are currently complicating the matter, according to a legal professional working with the firm.

Recently, Kalshi requested a month-long extension from the court, which, along with the extension requests, has led the gaming industry to believe the company doubts its case. Kalshi's attorney, known for persuading justices to overturn Trump’s tariffs, explained that the extension is a standard move to address amicus briefs due on the same day.

Nevada recently sought a similar extension in a related case. The Supreme Court is expected to decide which cases it will hear during its current term, which started earlier this month. This particular lawsuit is likely to be decided because a clash between federal appeals courts has made it a probable pick in the coming months.

The Third Circuit has ruled in favor of Kalshi, while the Sixth and Ninth Circuits have ruled in favor of the states. Kalshi has filed rehearing petitions asking the Sixth and Ninth Circuits to review their latest rulings, citing the upcoming CFTC rules. Nevada has rejected the Ninth Circuit's request, stating that the pending regulation "would not change the outcome here."

CFTC Chair Mike Selig, who has backed prediction markets in various courts, expressed his welcome for a Supreme Court ruling, noting that it "would really settle the matter."