New Jersey cannot regulate Kalshi’s prediction market, federal appeals court rules

Commodity Futures Trading Commission has exclusive jurisdiction over sports event contracts, a ‘big win’ for Kalshi

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A federal appeals court ruled on Monday that https://www.theguardian.com/us-news/new-jersey">New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place financial bets on the outcome of sporting events.

A three-judge panel of the Philadelphia-based third US circuit court of appeals ruled 2-1 in finding that the US Commodity Futures Trading Commission has exclusive jurisdiction over the sports-related event contracts that Kalshi allows people to trade on its platform.