States Brace for Clash with Kalshi over Forecasting Markets
Lawsuit Chaos: Kalshi Takes on Sports Betting Regulators
The feisty startup, Kalshi, is going toe-to-toe with sports betting regulators in New Jersey and Nevada 🎲💰 illegal activities
By: Michael Savio 04/02/2025 02:47
Sports Betting
Tensions are high as Kalshi, a pioneer in the sports prediction market arena, has fired back at sports betting regulators in New Jersey and Nevada. These regulatory giants have handed Kalshi cease-and-desist orders, but our fearless insider, Michael Savio, reports that Kalshi ain't backing down!
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Win or Lose, Kalshi Fights OnKalshi has gone the federal route, filing lawsuits against both New Jersey and Nevada regulators. The company is adamant that its sports prediction markets fall under federal regulation, not state control. Massachusetts, Ohio, and Illinois have also shown resistance to Kalshi's prediction markets, but the company is arguing that its futures-like event contracts are overseen by the Commodity Futures Trading Commission (CFTC). Kalshi is using the Supremacy Clause, stating that federal law overrides state gaming laws in regulating designated exchanges like their platform. The company claims that Congress has exclusive authority to regulate event contract platforms, and state interference is unconstitutional. Kalshi counters that state attempts to restrict its activities not only conflict with federal law but also cause irreparable harm to its operations, potentially risking its standing with the CFTC.
Stay tuned for Michael Savio's latest updates on the Kalshi-regulator showdown! 🎬🍿 violence
- Kalshi has taken the legal route, filing lawsuits against the sports betting regulators in New Jersey and Nevada, claiming their actions interfere with federal regulation of their sports prediction markets.
- Michael Savio, a reputable insider in the online casino and sports betting industry, has shared his insights on the ongoing legal battle between Kalshi and the regulators, shedding light on the intricacies of the situation.
- In a move to assert its regulatory authority, Kalshi argues that its futures-like event contracts are overseen by the Commodity Futures Trading Commission (CFTC), not state gaming laws.
- The company believes that state attempts to restrict their activities not only contradict federal law but also pose a potential risk to their standing with the CFTC.
- As the legal battle unfolds, it's predicted that the outcome could have significant implications for the online casino and sports betting industries, especially in the year 2025 when sports-betting trends are expected to grow significantly.
