Kalshi Just Won in Federal Court. The Sportsbook Industry’s 50-State Problem Is Getting Worse.
A divided federal appeals court ruled in April that Kalshi’s sports event contracts are federally regulated swaps that state gambling laws cannot touch, the first appellate decision of its kind. With district courts split and the CFTC suing states to defend the platforms, the question of whether prediction markets can take sports bets nationwide now looks headed for the Supreme Court, even as DraftKings and FanDuel rush to launch their own.