Federal appeals courts split over Kalshi sports betting contracts

A federal appeals court has ruled that sports event contracts offered by Kalshi constitute gambling subject to Nevada regulations, rejecting the company’s argument that federal regulators have exclusive authority over the contracts.

The decision conflicts with an earlier ruling by another federal appeals court, which said federal regulators—not New Jersey gaming officials—could regulate Kalshi’s sports-related event contracts. The disagreement creates a circuit split that could draw Supreme Court review.

Read the full story at reason.com.