GoKawiilSixth Circuit rules Kalshi's sports contracts subject to Ohio, Tennessee gambling laws
A unanimous three-judge panel on the US Court of Appeals for the Sixth Circuit ruled that Kalshi's sports-event contracts do not qualify as federally regulated swaps, meaning Ohio and Tennessee can enforce their own gambling laws against the platform. The decision upheld a lower court ruling against Kalshi in Ohio and reversed a prior Tennessee ruling that had favored the company. The court also said that even if the contracts were swaps, federal law would not block states from applying their gambling statutes.