Kalshi

Prediction market operator Kalshi has lost a key ruling at the appeals court level over whether its event contracts are subject to state regulatory oversight. The decision advances the ability of US states to regulate or challenge Kalshi's prediction markets, dealing a setback to the company's push to operate nationwide under federal oversight alone. The ruling is being closely watched across the fast-growing sports and event wagering industry, as it could reshape how prediction markets are classified and policed.