A US appeals court rules that Kalshi's sports contracts are not "swaps" subject only to CFTC regulation, allowing states to regulate them under gambling laws
THE SO WHAT
By classifying Kalshi’s sports contracts as gambling, the court pushes prediction markets into a fragmented, state-by-state regime. Anyone building on prediction data or markets should plan for uneven access, compliance overhead, and the risk that key contracts disappear in some jurisdictions.
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