/scanBusiness & economy
The Ninth Circuit let Nevada regulate Kalshi's sports contracts as gambling.
The panel found Kalshi had not shown that federal commodities law likely overrides Nevada's gaming rules.
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What the court held
The court upheld dissolution of an injunction that had blocked Nevada enforcement. It said Kalshi was unlikely to prove federal preemption for sports-event contracts.
Why it matters
The ruling strengthens state authority over prediction-market sports products and conflicts with another federal appeals court's treatment of similar contracts.
What remains
The case continues, including questions around election contracts. The decision addresses preliminary relief rather than finally settling prediction-market regulation nationwide.