WASHINGTON – The Senator and CFTC chairman responsible for the implementation of the 2010 Dodd-Frank Act told SCOTUS that the act didn’t grant the Commodity Futures Trading Commission as a regulator for sports betting. The pair of important figures made their points clear in respective … Read more
PROVO, UTAH – More than two months after a federal judge cleared Utah to enforce its gambling ban against prediction market Kalshi, the state has taken no public action against the company or against DraftKings and FanDuel. Utah is one of two states that ban … Read more
NEW YORK – The National Football League took to the Supreme Court of the United States (SCOTUS) to fight for state regulation of prediction markets. The amicus brief supports New Jersey regulators in their battle against Kalshi. The NFL argues that prediction markets offer sports … Read more
The panel found Kalshi’s sports contracts are not swaps because their events carry no inherent financial, economic or commercial consequence. The Commodity Exchange Act would leave both states’ gambling laws intact even if the contracts counted as swaps, the court held. Kalshi lost its bid … Read more
Only futures commission merchants and participants Klear admits as self-clearing members could carry margined positions. Event contracts built on sporting contests are excluded entirely from the proposed margin treatment. Kalshi also plans to keep its culture and mention markets off margin trading. The earliest the … Read more
The Ninth Circuit reversed a lower court’s denial of an injunction, siding with the Blue Lake Rancheria and Chicken Ranch Rancheria tribes against Kalshi. The panel held that on tribal land Kalshi’s sports-event contracts amount to Class III gaming, the category the Indian Gaming Regulatory … Read more
The released text does not bar designated contract markets from listing any sports or casino-game contracts, the association says. The text also lacks language confirming that the Indian Gaming Regulatory Act and state gaming laws are not preempted. With 53 Republican seats, cloture needs seven … Read more
WASHINGTON – Wednesday marked a massive development in the prediction market-sports event contract saga. The U.S. Supreme Court has officially been asked to review the sports prediction market case where Kalshi and states disagree on regulation. New Jersey Attorney General Jennifer Davenport filed the petition … Read more
LAS VEGAS – The U.S Court of Appeals for the Ninth Circuit affirmed a decision to dissolve a Kalshi temporary injunction, allowing Nevada to impose their state gambling laws on Kalshi’s sports event contracts. The three-judge panel decided that the sports event contracts weren’t swaps … Read more
Novig filed Aug. 14 in the Western District of Wisconsin, its fifth suit against a state in 10 days. The complaint asks that Wisconsin’s commercial gambling statute, a Class I felony, be declared preempted as applied. A federal judge in Wisconsin denied the CFTC that … Read more
NEW YORK – The Commodity Futures Trading Commission (CFTC) have exercised their emergency powers just six times ever and haven’t done so since 1980. Now, CFTC Chairman Michael Selig has implemented emergency orders twice in the last 30 days to support Kalshi. Kalshi is battling … Read more
Railbird Exchange, doing business as DKeX, self-certified nine football event contracts with the CFTC on Monday. The contract terms reach NFL, CFL and UFL play and NCAA Division I, II and III football alike. The submissions become certified by Wednesday under a rule that requires … Read more