{
  "id": 4920906,
  "title": "Kalshi Ninth Circuit ruling threatens federal prediction market model",
  "url": "https://urgent.news/2026/09/01/kalshi-ninth-circuit-ruling-threatens-federal-prediction-market-model",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T16:34:55.000Z",
  "source": {
    "name": "ReadWrite",
    "slug": "readwrite",
    "url": "https://readwrite.com/kalshi-ninth-circuit-ruling-federal-prediction-market/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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 .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 7,
    "also_reported_by": [
      {
        "outlet": "CoinDesk",
        "title": "Connecticut's new lawsuit against Kalshi piles on to prediction market legal fight",
        "url": "https://urgent.news/2026/08/27/connecticuts-new-lawsuit-against-kalshi-piles-on-to-prediction-market",
        "published": "2026-08-27T18:28:53.000Z"
      },
      {
        "outlet": "ReadWrite",
        "title": "Kalshi challenges Times report amid widening prediction market regulatory battles",
        "url": "https://urgent.news/2026/08/28/kalshi-challenges-times-report-amid-widening-prediction-market",
        "published": "2026-08-28T08:33:05.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Kalshi cannot block Nevada oversight of sports prediction markets, US appeals court rules",
        "url": "https://urgent.news/2026/08/28/kalshi-cannot-block-nevada-oversight-of-sports-prediction-markets-us",
        "published": "2026-08-28T17:49:15.000Z"
      },
      {
        "outlet": "Winnipeg Free Press",
        "title": "Federal appeals court panel gives Nevada a win in its fight to regulate prediction market Kalshi",
        "url": "https://urgent.news/2026/08/28/federal-appeals-court-panel-gives-nevada-a-win-in-its-fight-to",
        "published": "2026-08-28T20:25:03.000Z"
      },
      {
        "outlet": "Associated Press",
        "title": "Federal appeals court panel gives Nevada a win in its fight to regulate prediction market Kalshi",
        "url": "https://urgent.news/2026/08/28/federal-appeals-court-panel-gives-nevada-a-win-in-its-fight-to-4035387",
        "published": "2026-08-28T20:53:02.000Z"
      },
      {
        "outlet": "Quartz",
        "title": "Kalshi handed George Santos its first-ever lifetime ban over prediction market manipulation",
        "url": "https://urgent.news/2026/08/31/kalshi-handed-george-santos-its-first-ever-lifetime-ban-over",
        "published": "2026-08-31T14:30:52.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}