Appeals Court Rules Kalshi Sports Contracts Are Gambling Not Swaps – Startup Fortune

Appeals Court Rules Kalshi Sports Contracts Are Gambling Not Swaps


The Ninth Circuit ruled on August 28 that Kalshi’s sports contracts are gambling, not CFTC-regulated swaps, handing Nevada a win and deepening a circuit split with the Third Circuit’s April ruling for New Jersey. Sports bets make up 90% of Kalshi’s revenue, and the company is reportedly seeking a new round at a $40 billion valuation.



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