Ninth Circuit win for Nevada over Kalshi sets up potential Supreme Court showdown

By: Dana Gentry

Outlets: Nevada Current

Published: August 28, 2026

Words: 341

Last Updated: 2 weeks, 5 days ago

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The Ninth Circuit Court of Appeals delivered a win for Nevada’s regulated sports betting industry Friday when a three-judge panel ruled that sports bets accepted by Kalshi are likely not swaps as determined by the Commodity Exchange Act.

The court rejected the arguments of prediction markets Kalshi, Crypto.com, and Robinhood, which asserted that federal law preempts state law.

Judge Ryan Nelson wrote that given “its …

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