Court hands U.S. states a win in fight over who regulates prediction markets

TL;DR

A federal appeals court ruled that Nevada can regulate Kalshi's prediction markets, which involve speculation on sporting events.
The court stated that federal commodity law does not prevent states from regulating these markets, classifying the contracts as sports bets.
This decision gives states an important victory in the ongoing battle for regulatory authority over prediction markets.
A previous, conflicting decision by the 3rd U.S. Circuit Court of Appeals had suggested federal control over such contracts.
Kalshi plans to seek further review, while Nevada regulators view the ruling as vindication of their oversight.

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