Appeals court rules states can regulate prediction market platforms like gambling
Summary
The 9th Circuit Court of Appeals decided that states have the right to regulate prediction market platforms as if they were gambling operations. This means state gaming regulators can oversee these markets, not just the federal government.Key Facts
- The ruling came from a three-judge panel of the 9th Circuit Court of Appeals.
- The decision was unanimous, meaning all judges agreed.
- It confirmed a lower court’s ruling that states can regulate prediction markets.
- Nevada gaming regulators are now allowed to oversee the prediction market platform called Kalshi.
- Kalshi had argued that only the federal government should regulate prediction markets.
- This ruling affects how prediction markets will be governed across states.
- Prediction markets are platforms where people can bet on the outcomes of future events, similar to sports betting.
- The decision could impact other states’ plans for regulating prediction markets or similar platforms.
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