Crypto
U.S. court says sports prediction markets are not financial products, should be regulated under gambling laws
A fast-growing U.S. prediction-market platform has hit a new phase in a federal-state regulatory clash after the Ninth U.S. Circuit Court of Appeals rejected Kalshi\'s request to block Nevada from applying its gambling laws. The court found Kalshi\'s sports event contracts were not financial “swaps” and could be regulated as gambling. The ruling conflicts with an April decision by the Third Circuit that treated the contracts as swaps under federal law.
