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Ninth Circuit Rules Prediction Markets Are Gambling, Denies Injunctions

8/30/2026

Summary

Story summary

The Ninth Circuit Court of Appeals ruled that states may regulate prediction-market contracts as gambling.
Nevada Gaming Control Board welcomed the decision, saying it vindicates the state's long-standing sports-betting stance.
The panel classified the contracts as sports bets, rejecting the CFTC’s claim of exclusive swap jurisdiction.
Kalshi, Crypto.com and Robinhood were denied injunctive relief, leaving Nevada able to halt their sports-bet offerings.

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Story summary

The Ninth Circuit Court of Appeals ruled that states may regulate prediction-market contracts as gambling.
Nevada Gaming Control Board welcomed the decision, saying it vindicates the state's long-standing sports-betting stance.
The panel classified the contracts as sports bets, rejecting the CFTC’s claim of exclusive swap jurisdiction.
Kalshi, Crypto.com and Robinhood were denied injunctive relief, leaving Nevada able to halt their sports-bet offerings.