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New Jersey asks Supreme Court to resolve fight over Kalshi's future
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If the Supreme Court accepts New Jersey's petition, it would tee up a case with sweeping implications for the prediction markets industry, which has unleashed billions of dollars of betting across nearly every aspect of modern life.
Key facts
- It cannot be regulated by 50 different regulators," said Kalshi spokeswoman Dani Lever
- In April, the Third Circuit found that the Commodity Futures Trading Commission has the exclusive right to oversee the prediction market sector in a case brought by Kalshi against New Jersey
- If the Supreme Court accepts New Jersey's petition, arguments could be scheduled this fall, with the case expected to be decided by next summer
- If the Supreme Court accepts New Jersey's petition, it would tee up a case with sweeping implications for the prediction markets industry, which has unleashed billions of dollars of betting
Summary
The multibillion dollar battle over the future of prediction markets has reached the Supreme Court. New Jersey on Wednesday asked the high court to weigh in on a legal battle that has pitted dozens of states against the prediction market sector, which is strongly backed by the Trump administration. At issue is who exactly should regulate sports betting on the prediction market platform Kalshi: federal commodities regulators, as the company insists, or state gambling authorities? While prediction market sites like Kalshi offer wagering on everything from what an executive says on an earnings call to the outcome of an election, sports bets are the most popular by far, typically representing 80% or more of the platforms' weekly trading volume.