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40-State Coalition Urges Supreme Court to Review Kalshi Ruling

By Drooid · Oct 8, 2026, 6:47 PM UTC · How we work

Summary

Story summary

Jersey and a coalition of 40 states asked the Supreme Court to hear prediction-market case.
The coalition’s amicus brief argued states retain power to regulate and tax gambling.
The NFL’s amicus brief said prediction contracts are gambling, noting $1.8 billion traded on first Sunday.
Kalshi and similar platforms claim prediction markets are swaps under CFTC authority, not state gambling.
The Supreme Court will consider a hearing on the case this term.

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Story summary

Jersey and a coalition of 40 states asked the Supreme Court to hear prediction-market case.
The coalition’s amicus brief argued states retain power to regulate and tax gambling.
The NFL’s amicus brief said prediction contracts are gambling, noting $1.8 billion traded on first Sunday.
Kalshi and similar platforms claim prediction markets are swaps under CFTC authority, not state gambling.
The Supreme Court will consider a hearing on the case this term.