Article
Prediction Markets, Sports Contracts, And The Growing Federal-State Divide
The legal fight over sports-related prediction-market contracts has moved quickly from regulatory novelty to a full-blown federal-state jurisdictional dispute. On August 28, 2026, the U.S. Court of Appeals for the Ninth Circuit held in KalshiEX, LLC v. Assad that Nevada may continue enforcing its gaming laws against Kalshi’s sports-related event contracts because those contracts likely fall outside the category of swaps subject to the Commodity Futures Trading Commission’s (CFTC) exclusive jurisdiction under the Commodity Exchange Act (CEA).
Moore & Van Allen