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Kalshi has introduced a perpetual futures contract linked to its US 500 index, giving traders a way to maintain exposure without the need to roll positions. The move marks a significant expansion for the exchange as it seeks to deepen its role in market-linked trading and offer both long and short access to broad U.S. equity performance.
In a significant ruling, an appeals court has determined that states, including Ohio and Tennessee, have the authority to regulate Kalshi's sports prediction markets under existing gambling laws. This decision poses further challenges for the burgeoning prediction market sector as regulatory scrutiny intensifies.
Trading volumes on prediction markets Kalshi and Polymarket have surged sharply, but the composition of that growth is prompting fresh scrutiny from market observers. Analysts say unusual patterns in some products raise questions about whether reported activity reflects broad user demand or concentrated, potentially self-reinforcing trading.
A federal appeals court has dealt Kalshi another blow, ruling that its event-contract prediction markets cannot sidestep state gambling rules simply by framing bets as financial products. The decision sharpens a growing legal clash over whether federally regulated exchanges can offer contracts tied to politics, sports and other real-world outcomes without being treated like traditional bookmakers. The case now appears headed toward the Supreme Court, where the broader future of prediction markets may be decided.
A federal appeals court has handed Kalshi another legal setback, ruling that Ohio and Tennessee may regulate the company’s sports prediction contracts under state gambling laws. The decision deepens uncertainty around the fast-growing prediction-market sector and raises fresh questions about how far states can go in policing event-based trading products. The ruling adds to mounting pressure on Kalshi as it seeks to position its contracts as financial instruments rather than wagers, a distinction that has become central to the industry’s regulatory fight.
A federal appeals court has ruled that Ohio and Tennessee may enforce their gambling laws against Kalshi’s sports-related prediction contracts, handing the exchange another setback in its fight to operate nationally. The decision deepens a fast-moving legal clash over whether event contracts are financial instruments or wagers, with implications for prediction markets, state regulators and the broader derivatives industry.
A U.S. appeals court has ruled that states may regulate Kalshi’s sports-related prediction markets, handing the platform another setback in its fight over who controls event contracts tied to athletic outcomes. The decision is the second in less than a month from an appellate court to affirm that states have a role in overseeing these products, intensifying uncertainty for a fast-growing corner of the financial and wagering ecosystem.
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