New Jersey Officials Petition U.S. Supreme Court to Review Kalshi Sports Event Contracts Case

Odaily Planet Daily News New Jersey Attorney General Jennifer Davenport and Acting Director of the State 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 regarding its sports event contracts.

The petition cites civil cases brought by at least 20 state gaming regulators, asking the Supreme Court to determine whether prediction market companies can 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 regulators' jurisdiction over sports betting.

The petition challenges a 2-1 ruling issued in April by the U.S. Court of Appeals for the Third Circuit. Kalshi spokesperson Dani Lever stated that the company disagrees with New Jersey's appeal to the Supreme Court, adding that Kalshi cannot accept being regulated separately by 50 different regulators; the company remains confident in the lower court's ruling. (Cointelegraph)