U.S. appeals court rules against predict
Multiple outlets covering this story.
August 28, 2026 · Updated Aug 28, 6:20pm ET
Raw StoryTrump judges deal a massive blow to his own allies with 'pretty brutal' opinion
The HillAppeals court rules states can regulate prediction market platforms like gambling
The Daily WirePrediction Markets Dealt Major Blow In State Gambling Fight
ARS TechnicaCourt rules Kalshi sports bets aren't "swaps," just gambling with a different name
Associated PressFederal appeals court panel gives Nevada a win in its fight to regulate prediction market Kalshi
CNBCU.S. appeals court rules against prediction markets, sets up likely fight at Supreme Court
Courthouse NewsNinth Circuit gives bad beat to online sports-betting exchanges
The Washington SunFederal Court Says States Can Regulate Prediction Market Sites
CBS NewsCourt hands U.S. states a win in fight over who regulates prediction markets
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What happened
The 9th U.S. Circuit Court of AppealsCourt of Appeals for the Ninth Circuitfederal appellate court for the western U.S. rejected KalshiKalshiAmerican prediction market platform and Crypto.comCrypto.comcryptocurrency exchange company based in Singapore’s bids for injunctions against the Nevada Gaming Control BoardNevada Gaming Control Boardstate gambling regulator, allowing Nevada to enforce its gambling laws against sports-related prediction contracts while the cases continue. The panel held that Kalshi had not shown the Commodity Exchange Act clearly preempts state gambling regulation or that its sports contracts must be treated as federally regulated swaps. The ruling lets Nevada require prediction-market operators to obtain state gambling licenses before offering sports event contracts there.
