Appeals court rules against Kalshi, says prediction markets can be regulated like gambling

The 6th U.S. Circuit Court of Appeals ruled against the prediction market Kalshi Friday, determining states can regulate prediction market platforms like gambling in the latest blow to the industry. In a unanimous ruling, the three-judge panel sided with Ohio and Tennessee, finding Kalshi did not show its sports-event contracts are "swaps" that typically fall...

The 6th U.S. Circuit Court of Appeals ruled against the prediction market Kalshi Friday, determining states can regulate prediction market platforms like gambling in the latest blow to the industry. In a unanimous ruling, the three-judge panel sided with Ohio and Tennessee, finding Kalshi did not show its sports-event contracts are "swaps" that typically fall...