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NFL On October 8 submitted an amicus curiae brief to the U.S. Supreme Court in support of New Jersey regulators in their lawsuit against Kalshi, arguing that sports prediction contracts constitute gambling and should be regulated by states.
Former CFTC Chairman Rostin Behnam said that the regulatory boundary between prediction markets and gambling could ultimately be submitted to the Supreme Court as a result of litigation over sports contracts, and that Congress needs to clarify the boundaries of risk management.
The U.S. Court of Appeals for the Sixth Circuit ruled that Kalshi’s sports-related event contracts do not meet the definition of swaps and are subject to state regulatory jurisdiction. The ruling concerns its litigation with regulators in Ohio and Tennessee.