New Jersey Requests Supreme Court Ruling on Kalshi Sports Betting Classification

<p>New Jersey filed a request with the Supreme Court to determine whether states have the authority to regulate sports betting on prediction markets, including Kalshi.</p><p>New Jersey Attorney General Jennifer Davenport stated in a press release, "Companies like Kalshi claim to offer legal sports betting in all 50 states, but they refuse to follow the gambling laws of any state."</p><p>In April, the US Court of Appeals for the 3rd Circuit ruled that New Jersey does not have the authority to regulate sports bets on prediction markets. The court concluded that contracts related to sports events qualify as "swaps," which grants exclusive jurisdiction to the US Commodity Futures Trading Commission (CFTC).</p>