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The 6th U.S. Circuit Court of Appeals ruled on September 25, 2026, that states can regulate prediction markets like gambling. The unanimous decision favored Ohio and Tennessee's position, stating that Kalshi failed to prove its contracts are classified as "swaps."
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The 6th U.S. Circuit Court of Appeals ruled on September 25, 2026, that states can regulate prediction markets like gambling. The unanimous decision favored Ohio and Tennessee's position, stating that Kalshi failed to prove its contracts are classified as "swaps."
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Appeals court rules against Kalshi, says prediction markets can be regulated like gambling
Appeals court rules against Kalshi, allowing states to regulate prediction markets as gambling