New Jersey cannot regulate Kalshi's prediction market, U.S. appeals court rules

A federal appeals court issued its first ruling on the central question of whether state gaming regulators can police prediction market operators, marking a key legal milestone. The decision sets a circuit precedent that could alter oversight and compliance demands for prediction-market platforms and influence future state enforcement actions.

Analysis

A federal appeals court issued its first ruling on the central question of whether state gaming regulators can police prediction market operators, marking a key legal milestone. The decision sets a circuit precedent that could alter oversight and compliance demands for prediction-market platforms and influence future state enforcement actions.