Prediction Markets
After the NJ Kalshi Ruling
A closely watched Third Circuit ruling in favor of Kalshi has intensified the debate over whether CFTC-regulated prediction markets can operate above the reach of state gaming law. This expert interview examines how consequential the court’s two-to-one decision may be for federal preemption, and whether it materially strengthens the legal foundation for prediction markets as they expand into sports-related event contracts.
The discussion explores what comes next in New Jersey, including the likelihood of an en banc review or a Supreme Court appeal, and the strongest counterarguments available to states seeking to preserve their authority over gaming activity. It also looks beyond New Jersey to the broader litigation landscape in Nevada, Massachusetts, Arizona, Illinois, and Connecticut, asking whether the balance is beginning to shift decisively in Kalshi’s favor.
For operators, investors, and regulators, the stakes extend well beyond a single case. This conversation unpacks what a durable federal preemption framework could mean for online sports betting operators, enforcement priorities, and the long-term division of power between federal oversight and state-level gaming regulation.
Click the buttons below for access to this and other recent calls on the topic:
Prediction Markets: NJ Verdict in Favor of Kalshi — The Path Forward Across State-Level Challenges
Sports Prediction Markets: Arizona Charges, Key Court Battles, and CFTC Rulemaking
DraftKings: Achieving Guidance, Executing on Predictions, and the Super App Opportunity
Prediction Markets and OSB: The Competition for Customer Acquisition, Pricing, Expected Value, and Live Play
Sports Prediction Markets — CFTC Amicus Briefs, the Nevada Ruling, and the Federal–State Regulatory Fight
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