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Part of situation: Escalating legal and regulatory challenges for Kalshi (153 clusters)

Sixth Circuit rules states can regulate Kalshi sports contracts

Kalshi prediction markets Sixth Circuit Court of Appeals sports betting regulation commodity swaps

The U.S. Sixth Circuit Court of Appeals has ruled that states, specifically Ohio and Tennessee, have the authority to regulate Kalshi’s sports-related event contracts under their respective gambling laws. A unanimous three-judge panel determined that Kalshi failed to prove its contracts qualify as “swaps” under the Commodity Exchange Act, which would have granted exclusive jurisdiction to the Commodity Futures Trading Commission (CFTC).

The court found that the financial or economic consequences of sports outcomes are too indirect and speculative to meet the legal definition of a swap. Furthermore, the judges ruled that even if the contracts were classified as swaps, federal law would not preempt state gambling statutes. This decision reverses a lower court ruling in Tennessee that had previously favored Kalshi.

The ruling deepens a significant legal split among federal appellate courts. While the Sixth and Ninth Circuits have supported state regulatory authority, the Third Circuit previously ruled in favor of Kalshi regarding operations in New Jersey. This jurisdictional conflict over whether prediction markets are regulated as financial instruments or gambling products is expected to potentially reach the U.S. Supreme Court.

Entities

Commodity Futures Trading Commission · Kalshi · Ohio · Sixth Circuit Court of Appeals · Tennessee

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

Vetoomustuomioistuin: osavaltiot saavat valvoa Kalshin urheiluvedonlyöntiä [kryptolehti.fi]
米控訴裁「予測市場のスポーツイベント契約は州が規制可能」と判決、カルシ敗訴 [coinpost.jp]
Polymarket Promo Code MILE: Claim $50 Bonus for Eagles-Bears MNF Trades [www.denverstiffs.com]
Kalshi Loses Appeal as 6th Circuit Backs State Gambling Rules for Prediction Markets [alienwp.com]
Court Lets States Regulate Kalshi Sports Markets [blockchainreporter.net]
US-Berufungsgericht: Ohio und Tennessee dürfen Kalshi als Glücksspiel regulieren [www.it-boltwise.de]
Kalshi、スポーツ予測市場めぐる控訴審で敗訴 | NADA NEWS（ナダ・ニュース） [www.nadanews.com]
Sixth Circuit Guts Kalshi’s Federal Shield, Rules Sports Bets Are Just Bets [usaherald.com]
L’avenir de Kalshi en jeu après le rejet de sa défense par la 6e CirconscriptionDernières nouvelles d’Haïti : Politique, Sécurité, Économie, Culture. [haiti24.net]
Ny appeldomstol dømmer mod Kalshi: Stater kan regulere sportskontrakter [npinvestor.dk]
Justiça dos EUA reforça poder de estados sobre apostas [www.spacemoney.com.br]
Appeals Court Rules States Can Regulate Kalshi Sports Contracts | TokenPost [www.tokenpost.com]
Kalshi Promo Code RAD2000: Up to $2,000 Bonus (September 2026) [elitesportsny.com]
Kalshi 敗訴！俄亥俄、田納西兩州上訴成功，預測市場合約不算期貨交換 [www.blocktempo.com]
Court deals Kalshi another setback over state gambling laws - CoinCodeCap [coincodecap.com]
» US appeals court rules against Kalshi, says states can regulate prediction markets [china.timesofnews.com]
Appeals court says Ohio and Tennessee can regulate Kalshi under gambling laws [sea.mashable.com]
Kalshi Loses Again as Appeals Court Backs State Sports Betting Laws [coinedition.com]
Kalshi perde ancora: la sentenza sulla regolamentazione va verso la Corte Suprema [cryptonomist.ch]
US appeals court rules against Kalshi, says states can regulate prediction markets [arynews.tv]
Kalshi must lock out state users after major court loss [cryptoslate.com]
Kalshi loses another major court fight as states win power to regulate sports prediction markets [www.cryptopolitan.com]
Appeals Court Rules Against Kalshi, Says States Can Regulate Prediction Markets [www.ntd.com]
Sixth Circuit Court Rules in Favor of Ohio, Tennessee [www.covers.com]
Kalshi Loses Again as Sixth Circuit Says States Can Police Its Sports Contracts - Unchained [unchainedcrypto.com]
Kalshi increases $25 promo code “SYRACUSE” for Rams-Broncos Sunday Night Football live odds [www.syracuse.com]
Kalshi Code SILIVE55: New $55 referral promo for Rams vs. Broncos; NFL live odds update [www.silive.com]
NFL Polymarket promo code “CLEVE” upgrades $50 deal for Rams-Broncos [www.cleveland.com]
Use Polymarket Promo Code ALCOM to claim a $50 bonus for Broncos vs. Rams on SNF tonight [www.al.com]
NFL Kalshi promo code “OREGONLIVE55” extends $55 bonus for Sunday Night Football [www.oregonlive.com]
Prediction Markets Eye 20% of NFL Betting [readwrite.com]
Appeals court says Ohio and Tennessee can regulate Kalshi under gambling laws [mashable.com]
Kalshi loses appeal in court [cointelegraph.com]