The US Supreme Court has the opportunity to clear up a nationwide legal debate over whether sports prediction markets offer wagering or derivatives trading, with New Jersey regulators Wednesday imploring justices to take up their spat with Kalshi Inc.
New Jersey seeks high court review of an appellate ruling favoring the prediction market provider. The petition comes a week after another circuit split on whether these offerings are sports bets, subject to state regulation, or hedging tools called “swaps” that are under the purview of a Trump administration that’s aggressively asserted it has sole oversight.
“Companies like Kalshi claim to offer legal sports betting in all 50 States, but they refuse to follow the gambling laws of any State,” Attorney General Jennifer Davenport said in an emailed statement about the filing of the petition. “These companies have no right to offer their sports bets without following state law, which is why dozens of States across the ideological spectrum have opposed them.”
Read full article
