New Jersey officials seek U.S. Supreme Court review of Kalshi sports event contracts case

Odaily News: New Jersey Attorney General Jennifer Davenport and acting director of the state's Division of Gaming Enforcement, Mary Jo Flaherty, have filed a petition for a writ of certiorari with the U.S. Supreme Court, requesting review of the state's enforcement action against prediction market platform Kalshi over its sports event contracts.

The petition cites civil cases brought by at least 20 state gaming regulators and asks the Supreme Court to rule on whether prediction market companies may still violate state laws while complying with regulations set by the U.S. Commodity Futures Trading Commission (CFTC). The petition also addresses whether the Dodd-Frank Act precludes state regulatory authority over sports betting within their jurisdictions.

The filing challenges a 2-1 ruling issued by the U.S. Court of Appeals for the Third Circuit in April. Kalshi spokesperson Dani Lever stated that the company disagrees with New Jersey's appeal to the Supreme Court, adding that Kalshi cannot operate under separate oversight from 50 regulators, and that the company remains confident in the lower court's ruling. (Cointelegraph)