GoKawiil9th Circuit rules sports-event contracts aren't protected 'swaps,' hurting Kalshi
The 9th U.S. Circuit Court of Appeals ruled in a Nevada case that betting on sporting outcomes does not qualify as a federally regulated 'swap' under the Commodity Exchange Act, rejecting the broad interpretation that prediction-market firm Kalshi has relied on to argue states can't block its sports contracts. The decision undermines the reasoning Arizona federal judge Michael Liburdi used earlier this year to block Arizona's attorney general from prosecuting Kalshi under state gambling laws.