Kalshi cannot block Nevada oversight of sports prediction markets, US appeals court rules

A federal ‌appeals court ​on Friday said Kalshi is not entitled to an injunction to ‌block Nevada from overseeing its prediction markets platform, which allows people to bet on the outcome of sporting ‌events. In a 3-0 decision, the 9th U.S. Circuit ‌Court of Appeals in San Francisco said the federal Commodity Exchange Act likely did not preempt Nevada’s gaming regulations as ⁠applied ​to the ⁠sports event contracts. The decision creates a split with the 3rd ⁠U.S. Circuit Court of Appeals in Philadelphia, which in April ​said New Jersey cannot regulate Kalshi's platform. The ruling for ⁠Nevada increases the possibility that the Supreme Court may choose ⁠to ​decide whether states or the U.S. Commodity Futures Trading Commission should regulate the fast-growing prediction markets ⁠industry. Kalshi, the Nevada Gaming Control Board and the CFTC ⁠did ⁠not immediately respond to requests for comment.