Kalshi Sports Event Contracts Regulatory Dispute May Head to U.S. Supreme Court

Odaily News: Two U.S. federal appellate courts have issued conflicting rulings on whether states can regulate Kalshi sports event contracts, and New Jersey has filed for U.S. Supreme Court review. At the heart of the dispute is whether these contracts are federally regulated financial swaps or should be subject to state gambling laws. Approximately 70% of Kalshi's daily trading volume comes from sports; if states gain regulatory authority, Kalshi could face state taxes of 10% to 51% on gambling revenue and other restrictions.