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

​A US ​appeals ‌court on ​Friday ruled against the ‌prediction markets operator Kalshi, saying states can regulate its ‌so-called event contracts ‌under their gambling laws.

The 6th US Circuit Court of ⁠Appeals ​said ⁠Kalshi has not shown that ⁠its sports event contracts ​are "swaps" that should be regulated ⁠exclusively by the federal ⁠Commodity ​Futures Trading Commission. It also said ⁠federal law did not ⁠preempt Ohio's ⁠or Tennessee's gambling laws.