US federal court rules against Kalshi, says states can regulate sports prediction markets

28th September, 2026

Narayani Srinivasan

The court ruled that Kalshi’s sports event contracts do not qualify as swaps under the Commodity Exchange Act, and the law does not pre-empt Ohio and Tennessee gambling rules.

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ABN AMRO
Bank of America
CBOE
Citi
Goldman Sachs
DRW Holdings
HSBC
J.P Morgan
Marex
Morgan Stanley
SGX
SocGen
Susquehanna
MUFG Investor Services
TP ICAP
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