Kalshi Loses Bid to Block Nevada Regulation of Sports Prediction Market

A U.S. appeals court ruled that Kalshi cannot use an injunction to stop Nevada from regulating its sports event prediction market. According to Foresight News, Judge Ryan Nelson said Kalshi's contracts have the typical characteristics of sports betting, which he described as a classic form of gambling outside the Commodity Futures Trading Commission's regulatory scope. Nelson said the CFTC is not a national gambling regulator and noted that this argument was raised more than a decade after the law was passed.